New Federal Tax Filing Deadline
The federal tax filing deadline has been extended from April 15 to July 15, 2020, in response to COVID-19. The Internal Revenue Service (IRS) does still encourage those who are due a refund to file as soon as possible.
Due to the coronavirus pandemic (COVID-19), changes to the 2019 tax filing season has been announced by the Treasury, IRS, and the federal government. July 15, 2020, is the new federal tax filing deadline. You can delay filing without penalties and interest, no matter the amount owed. This date change applies to all taxpayers, including individuals, trusts and estates, corporations and those who pay self-employment tax.
Here is what you need to know:
- Is an extension needed to file past April 15? No action is needed, it is automatically applied to all taxpayers. If you need an extension through the July date, individuals can request an extension by filing Form 4868 with a tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.
- Should I expect a delay in getting my tax refund? No, the IRS expects to continue to process refunds as normal. They encourage all taxpayers to file now if they're expecting a refund. Most tax refunds are still being issued within 21 days.
- Can I still contribute to my IRA? Yes, you can make 2019 contributions to your IRA until July 15.
"Even with the filing deadline extended, we urge taxpayers who are owed refunds to file as soon as possible and file electronically," said IRS Commissioner Chuck Rettig. "Filing electronically with direct deposit is the quickest way to get refunds. Although we are curtailing some operations during this period, the IRS is continuing with mission-critical operations to support the nation, and that includes accepting tax returns and sending refunds. As a federal agency vital to the overall operations of our country, we ask for your personal support, your understanding – and your patience. I'm incredibly proud of our employees as we navigate through numerous different challenges in this very rapidly changing environment."
This change occurred around the same time as the government announced stimulus checks, which will be distributed to those eligible to help the economy during the pandemic. The IRS will use the direct deposit information used in either the 2019 tax returns or the 2018 tax returns. The fastest way to receive your check is to file for 2019 as soon as possible. Every year, Neighborhood Credit Union teams up with TurboTax for all your filing needs. You could save up to $15 on federal products and easily transfer last year’s tax information, so file today!