IS the 2020 tax deadline extended again? No.
1. Requests for more time to file your taxes have been denied. IRS will stick with the July 15 deadline for 2019 income tax returns.
2. Treasury Secretary Steven Mnuchin announced via IRS News Release that the tax filing and payment deadline of July 15 will not be postponed.
3. However, you can request an extension by filing Form 4868.
4. Extension Form 4868 will give you three more months to October 15, 2020.
5. Remember: This is only an extension to file – not an extension to pay.
6. Pay what you can by July 15 to avoid penalties and interest.
7. The penalty for failure to file is 5% of the unpaid tax you owe (10 times more than penalty for failure to pay).
8. Penalty for failure to pay is only 0.5% penalty of tax.
9. Quarterly filers must also pay taxes for the first two quarters of 2020 by July 15, 2020.
10. Remember is that the July 15 due date is only for federal income taxes. State tax deadlines vary. Most states moved their filing and payment deadlines from April 15 to July 15, but some did not. For example, Hawaii income tax returns are due by July 20; Iowa by July 31. California conformed to federal deadline by postponing the filing and payment deadlines for all individuals and business entities to the same July 15, 2020 deadline.
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Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV – Andersen Consulting) and Ernst & Young before establishing Sy Accountancy Corporation in Pasadena, California.
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He has 50 years of experience in defending taxpayers audited by the IRS, FTB, EDD, BOE and other governmental agencies. He is publishing a book on his expertise – “HOW TO AVOID OR SURVIVE IRS AUDITS.” Our readers may inquire about the book or email tax questions at [email protected].