Have you filed your taxes this year?

Have you filed your taxes this year?

The IRS’s extended federal income tax filing deadline is Wednesday, July 15, 2020.

The IRS has provided special tax filing and payment relief to individuals and businesses in response to the COVID-19 outbreak. The filing deadline for tax returns has been extended from April 15 to July 15, 2020. Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. You will automatically avoid interest and penalties on the taxes paid by July 15.

If you do not file your federal income tax return with the IRS, you could be missing out on money owed to you, be responsible for penalties and interest, or end up in a protracted battle with the IRS.

Individual taxpayers who need additional time to file beyond the July 15 deadline can request a filing extension by filing Form 4868 through the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.

If you are worried you will not be able to pay your tax balances in full by July 15, there are options available. IRS Commissioner Chuck Rettig said in a statement, “[t]he IRS understands that those affected by the coronavirus may not be able to pay their balances in full by July 15, but we have many payment options to help taxpayers.” These payment options are available on IRS.gov. You can find more information about filing deadlines and payment options at this IRS link: https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers.

McNeelyLaw has a team of experienced attorneys ready to help you. Call us at (317) 825-5110 to discuss any questions you may have.
This McNeelyLaw LLP publication should not be construed as legal advice or legal opinion of any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own lawyer on any specific legal questions you may have concerning your situation.

IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.