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Taxpayers Get Automatic Extension To File Returns Due To Coronavirus Crisis

The Internal Revenue Service has given taxpayers a 3-month extension to file their 2019 federal income tax returns.

Due to the coronavirus pandemic, the new deadline is now July 15, 2020, for individuals, corporations and trusts, instead of the normal April 15 filing time. The extension is automatic, so you do not have to request it.

The tax payment extension applies to federal tax due with 2019 tax returns, plus 2020 first-quarter tax payments for an aggregate amount due of up to $1 million for individuals and trusts, and up to $10 million for C corporations. Any tax due in excess of these aggregate amounts is due on the normal due date and is not extended. 

While this allows people additional time to file, the IRS recommends that anyone who expects a refund should file as soon as possible so they have the money to meet some of their immediate financial needs.

The fastest way to receive your refund would be via direct deposit into your checking account. If you choose to receive a check in the mail, consider using mobile deposit from your mobile banking app to put the money into your account as soon as you receive it.

The IRS says that if you can’t meet the July 15 filing deadline, you’ll still be able to request an extension. To do that, individual taxpayers will need to file Form 4868 and businesses would file Form 7004.

The IRS does not oversee state tax returns or payments and recommends that you check with your state tax agency to determine its filing and payment deadlines. To find your state revenue department search the internet using your state’s name and “income tax returns.”

If you have tax-related questions about filing returns, tax payments or extensions, visit the IRS at irs.gov or talk with your tax professional for more information.