Following the previous announcement on 18th March that the IRS is extending the deadline for payment of US Taxes to 15th July, 2020, the extension has now been applied to the tax return filing date too. They announced that they are moving Tax Day from April 15th to July 15th. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.
The extension comes as the IRS and the Treasury respond to the unprecedented spread of COVID-19. The IRS website explains that “Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 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. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief.”
US Expats normally get an extension until June 15th anyway, so they have an extra month this year and they can still apply for a further extension until September 19th, if they require it.
If you do decide to request an extension to your filing deadline, “The IRS reminds individual taxpayers the easiest and fastest way to request a filing extension is to electronically file Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses must file Form 7004.”
If you have any questions or concerns about your US Tax return filing or payment, please contact us as soon as possible, our offices are open to new and existing client and we are happy to help however we can. Please call Rachel Finch, Director, on 01275 867350. Alternatively, you can send a message to the team now.