The U. S. Treasury Department and Internal Revenue Service announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.
Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.
The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days.
“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.”
The IRS will continue to monitor issues related to the COVID-19 virus, and updated information will be posted on a special coronavirus page on IRS.gov.
This announcement comes following the President’s emergency declaration last week pursuant to the Stafford Act. The Stafford Act is a federal law designed to bring an orderly and systematic means of federal natural disaster and emergency assistance for state and local governments in carrying out their responsibilities to aid citizens. It was enacted in 1988.
Treasury and IRS will issue additional guidance as needed and continue working with Congress, on a bipartisan basis, on legislation to provide further relief to the American people.
Tax information provided by the Iowa (State) Department of Revenue also provided information to extend filing and payment deadlines for income tax and other types of taxes.
As of March 19, 2020, The Iowa Department of Revenue extended the filing and payment deadline for several state tax types, including income tax. The changes, prompted by COVID-19, are designed to provide flexibility to hard-working Iowans whose lives have been disrupted. The changes are a result of an order signed by Director of Revenue Kraig Paulsen.
The order extends filing and payment deadlines for income, franchise, and moneys and credits taxes with a due date on or after March 19, 2020, and before July 31, 2020, to a new deadline of July 31, 2020.
Specifically, the order includes:
•IA 1040 Individual Income Tax Return and all supporting forms and schedules.
•IA 1040C Composite Return and all supporting forms and schedules.
•IA 1041 Fiduciary Return and all supporting forms and schedules.
•IA 1120 Corporation Income Tax Return and all supporting forms and schedules.
•IA 1120F Franchise Tax Return for Financial Institutions and all supporting forms and schedules.
•IA 1065 Iowa Partnership Return and all supporting forms and schedules.
•IA 1120S S Corporation Return and all supporting forms and schedules.
•Credit Union Moneys and Credits Tax Confidential Report.
Deadline extensions apply to the tax returns listed above and any tax due associated with those returns if the due date is on or after March 19 but before July 31 of this year. The extension does not apply to estimated tax payments.
The deadline extension applies to Iowa residents or other taxpayers doing business in Iowa who are required to file the Iowa returns listed above.
Penalties and interest will be handled in the following manner: No late-filing or underpayment penalties shall be due for qualifying taxpayers who comply with the extended filing and payment deadlines in the order sent out through the Iowa Department of Revenue. Interest on unpaid taxes covered by this order shall be due beginning on August 1, 2020.
State income tax refunds currently are being processed at about the 30-day mark. Taxpayers can check the status of their refunds at the Department’s website “where’s my refund page.”
Taxpayers and tax professionals who need assistance can contact the Department by email at firstname.lastname@example.org or call the taxpayer services phone line at 515-281-3114 or 1-800-367-3388.