Deadline to Amend Tax Return and Tax Deadline 2020
April 23, 2020
The Treasury Department and the Internal Revenue Service are providing a special tax return. And payment relief to individuals and businesses in response to the COVID-19 outbreak. The filing deadline was extended from April 15 to July 15, 2020. The IRS urges taxpayers who are due a tax refund to file the return as quickly as possible. For those who can’t file it before July 15 2020 the IRS reminds individual taxpayers. That everyone has the right to request an extension to file their return. So now we will discuss the deadline to amend tax return and the tax deadline 2020.
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The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their federal income taxes on April 15, 2020, are automatically extended until July 15, 2020. This relief applies to all individual returns, trusts and corporations. And this relief is automatic, taxpayers do not have to file any additional forms or call the IRS to qualify.
This relief includes estimated tax payments for the fiscal year 2020 due April 15, 2020. Penalties and interest will begin to accrue on any outstanding balance outstanding as of July 16, 2020. You will automatically avoid interest and penalties on taxes paid before July 15. Individual taxpayers who need additional time to file a return after the July 15 deadline can request a filing extension by filing a Form 4868 through their tax professional, tax software, or the Free File link on IRS.gov use. Businesses that require additional time must file a Form 7004.
State tax returns
This relief only applies to federal income statements and tax payments (including self-employment income tax) that are otherwise due on April 15, 2020, not state tax payments or deposits or any other type of federal tax. Taxpayers must file income tax returns in more than 42 states in the District of Columbia. State filing and payment deadlines vary and do not always coincide with the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details.
What is the deadline to file an amended return?
The IRS will accept an amended return up to 3 years after the date you filed the original return or within 2 years after payment of the tax due on the return, whichever is later. Tip: If you file (d) before the July 15 deadline (extended from April 15 due to COVID-19), the IRS considers the filing date to be the July deadline (for example, if you filed in February, until July 15, 2023 to present the amendment). Some unusual tax cases, such as NOL and general business credit behaviors or bad debt cases, have more time to make amends. However, for most people, the deadline to amend the 2015 or earlier return has passed.
The IRS issued a directive today, making the announcement that Treasury Secretary Steven Munching had officially tweeted (and later retweeted by the IRS). The directive makes it clear that the due date for filing tax returns and making tax payments runs from April 15 to July 15. Penalties and interest will begin to accrue on unpaid balances beginning July 16, 2020. The exemption only applies to federal income tax payments and federal income tax returns. This includes the self-employment income tax for the 2019 tax year and the estimated federal income tax payments due April 15, 2020 for the 2020 tax year.
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