Washington DC – In case you missed it amongst all the other news flying around these days:
The Treasury Department and Internal Revenue Service announced on March 21st that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
On March 13, 2020, in a letter to Acting Secretary of Homeland Security Wolf, Secretary of the Treasury Mnuchin, Health & Human Services Secretary Azar, and FEMA Administrator Gaynor, the President announced that, due to the COVID-19 pandemic, he declares a national emergency situation, pursuant to the Stafford Act of 1988. The Stafford act aims to bring federal assistance for state and local governments in carrying out their responsibilities to their citizens.
Who and what are affected by the tax deadline changes?
Along with filing tax returns, taxpayers may also defer federal income tax payments to July 15, 2020.
No additional forms need to be filed in order to qualify for the filing and payment extensions. All taxpayers are covered by the extension. This includes individuals, corporations and other non-corporate business filers, trusts, estates, those who pay self-employment tax, etc.
IRS Commissioner Chuck Rettig urged those expecting refunds to file as early as possible, and to file electronically. “Filing electronically with direct deposit is the quickest way to get refunds,” he said. “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.”
What about state deadlines?
Some states have extended their filing deadlines, though not all are currently in line with the federal government. The Mississippi deadline currently stands at May 15, 2020. Check here for current state deadlines and possible further updates by state governments.
To see the official IRS Notice.
Updated information from the IRS will be posted on a special coronavirus page on IRS.gov.coronavirus, COVID-19, IRS, Northeast MS news, tax deadline extension