The Trump administration announced it has extended the deadline for filing federal income tax due to the economic impact of COVID-19.
- The Trump administration is extending the standard federal income tax deadline of April 15th by 3 months. The new deadline is July 15th, 2020.
- The Internal Revenue Service stated that, until July 16th, 2020, no “penalties or interest will begin to accrue on any remaining unpaid balances.”
- The extension applies to both individuals and corporations.
- The IRS encourages taxpayers owed a tax refund to file by April 15th. If they do not, they may lose those benefits.
- State income tax deadlines are not impacted by this extension, though some states have opted to extend their state income tax deadlines as well. For any questions regarding state income tax filing dates or potential extensions, the IRS recommends going to your state tax agency’s website.
This news comes just days after President Trump announced the potential for federal income tax extensions in his nationally televised address to the nation on March 12th.
