Updated March 23, 2020
The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The IRS urges taxpayers who are owed a refund to file as quickly as possible.
This payment relief includes:
Individuals: The income tax payment deadline for individual returns, is extended until July 15 for up to $1 million of the 2019 tax due. This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. The IRS will automatically provide this relief to taxpayers; you do not need to file any additional forms or call the IRS to qualify.
Corporations: For C Corporations, income tax payment deadlines are being automatically extended until July 15 for up to $10 million of 2019 tax due.
This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.
Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16. If you file your tax return or request an extension of time to file by April 15, you will automatically avoid interest and penalties on the taxes paid by July 15.
The easiest and fastest way to request a filing extension is to electronically file Form 4868 through a tax professional, tax software or the Free File link on IRS.gov. Businesses must file Form 7004. If you need assistance, please schedule an appointment to talk to Chris Parks, a Dave Ramsey Endorsed Local Provider at INB.
Note: Federal Taxes Only
This relief only applies to federal income tax (including tax on self-employment income) payments otherwise due April 15, 2020. It does not include state tax payments or deposits or payments of any other type of federal tax.