The IRS issued a statement extending the tax season for Federal returns from its annual deadline of April 15th to July 15th. This extension brings some relief to the ones that owe money, but leave some confusion to the ones that have already filed, are waiting to file because they owe, or are expecting a refund.
If you have already filed, you don’t have to do anything further. If you are expecting a refund, it will still take the IRS the standard 21 days to either deposit the refund into your bank account or six weeks if you are expecting a paper check.
If you have a balance due to the IRS, no payment is due until July 15th. We encourage all clients to continue to file timely even though the deadline has changed.
Due to the COVID-19 worldwide pandemic, the IRS is encouraging those who have not filed to file as they are working diligently to refund the taxpayers within 21 days from filing.
If you have taxes due and have not filed, the IRS will not require you to pay until July 15th.
Will states also extend their tax deadlines?
Yes, states are working diligently to make it easier to follow the IRS deadline by also changing their tax deadline to resemble the IRS as much as possible. Below is a list of states and their new deadlines.
34 states (including DC) [AL, AR, AZ, CA, CO, CT, DC, DE, GA, IL, IN, KS, KY, LA, MA, ME, MD, MN, MO, MT, NC, ND, NE, NM, NY, OH, OK, OR, PA, RI, SC, TN UT, WI, WV] have changed from 4/15 to 7/15
Note: CT and MN business deadlines are not 7/15.
6 states: IA (7/31), ID (6/15), MS (5/15), OR (4/30), VA (6/1), WA (6/15)] and Puerto Rico (6/15)