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Internal Revenue Service (IRS) Extends Tax Filing Deadline for Individuals

The IRS has postponed the due date for both filing a return and for making income tax payments to July 15, 2020.  This is a three (3) month extension of the regularly scheduled due date of
April 15, 2020.  The postponement is automatic; there is no need for taxpayers to file extensions.

Initially, only the due date for making income tax payments was extended, and the amount of payment eligible for postponement was limited.  The current guidance addresses the filing deadline in addition to the due date for making income tax payments and does not limit the amount of payment that may be postponed.

Payments that may be postponed are limited to federal income tax payments in respect of a taxpayer’s 2019 taxable year and federal estimated income tax payments due on April 15, 2020 for a taxpayer’s 2020 taxable year.

The period from April 15, 2020 to July 15, 2020 will be disregarded in the calculation of interest, penalty, or addition to tax for failure to file returns or pay taxes.

If you have any questions about the filing postponement or filing your taxes, please contact one of our Tax Group attorneys.  Our physical office is currently closed pursuant to the Governor’s Business Closure Order, but MacDonald Illig attorneys are working remotely and are available at any time via e-mail or cell phone to assist you.   

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