Complying with the Extended Tax Filing Deadline

Now that the July 15th tax filing deadline has passed, taxpayers who have not yet filed their 2019 federal tax returns should start thinking about their electronic filing options. These are uncertain times and it may be even more difficult for some taxpayers to remain in compliance with federal tax law than usual, so if you have not yet filed your taxes and have questions about the new deadline, you should contact experienced tax return preparation lawyer Ronald Cutler who can help you avoid penalties and fines.

Postponed Due Date

Typically, taxpayers are required to abide by a filing or payment deadline of April 15th. This year, however, the deadline has been extended to July 15, 2020. The postponed deadline applies not only to individual taxpayers, but also to:

• Trusts;
• Estates;
• Corporations;
• Non-corporate tax filers; and
• S. residents who live and work abroad.

Under the federal tax code, taxpayers also usually only have up to three years to claim a refund. For instance, under normal circumstances, a person who was trying to collect a refund for his or her 2016 tax return would have had until April 15th to submit that claim. As a result of the recently implemented extensions, however, individuals who fall under this category also now have until mid-July to claim their 2016 tax refunds.

Electronic Filing Options

Taxpayers who owe taxes for 2019 or need to pay their estimated taxes for the first or second quarter of 2020 still have until July 15th to schedule an electronic payment. There are a number of advantages to filing and paying taxes electronically, as using this method significantly increases the speed at which the IRS processes returns, as well as refunds, and payments, and also supports social distancing efforts. The benefits of electronic filing apply not only to refunds, which can be collected much more quickly when using direct deposit, but also to making scheduled payments.

Requesting an Extension

Fortunately, those who need more time to prepare their returns can request an extension. If properly filed, these requests will give taxpayers until October 15th to file their returns, but only if they estimate their tax liability on the extension form and pay any owed amounts. Taxpayers can also apply for an extension by paying all or part of their estimated tax due, at which time, they can ask for an extension without the need to complete a separate form. It’s important to note, however, that even when granted, deadline extensions only apply to filing tax returns and not to making payments, which should be paid by the July deadline to avoid potential penalties.

An Experienced Tax Return Preparation Lawyer

If you have questions about the new July tax deadline, please call dedicated tax return preparation attorney Ronald Cutler, P.A. at 386-490-9949 today. A member of our legal team is standing by to help you set up a free initial consultation at your earliest convenience.

Resources:

irs.gov/payments

irs.gov/newsroom/irs-reminder-file-now-choose-direct-deposit-or-schedule-tax-payments-electronically-before-the-july-15-deadline

https://www.hotlineforhelp.com/tax-exempt-organizations-required-to-e-file-under-new-law/