The April 15 federal income tax filing due date has been moved to July 15, the U.S. Treasury Department and IRS recently announced. Here is what you need to know:

• The due dates for all tax payments normally due April 15 have been pushed back 90 days to July 15, regardless of the amount owed. This 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.
• Payments that can be extended to July 15 include income tax payments and self-employment tax payments that are associated with the 2019 taxable year. Also extended are estimated income tax payments for the 2020 taxable year.
• The 90-day extension from April 15 to July 15 is automatic. No additional forms must be filed to receive the 90 day extension.

Things to Consider

While the federal government is allowing you an additional three months to file and pay your 2019 taxes, you might still want to file your tax return by April 15. There are a few things to consider as you make the decision of when to file.

• Will you get a refund? If you are expecting a refund, then file your tax return immediately. According to the IRS, most tax refunds are still being issued within 21 days, and you will want to collect your refund as soon as possible.
• Watch for state announcements. States are rolling out their own guidelines for extensions. Since most states require copies of federal tax return information, you might still need to file by April 15. Even if you wait until later to file your federal return and pay your tax, you may have to file your state or local return sooner.

Finally, please keep in mind that this is a quickly changing topic. The details above are correct as of the last week of March, but things might have changed by the time you read this. If you have questions about the latest changes and how they will affect you, please contact our office.

This article carries no official authority, and its contents should not be acted upon without professional advice. For more information about this topic, please contact our office.