The U.S. Department of the Treasury has recently issued a series of Notices which grants automatic relief to taxpayers. Due to COVID-19, the traditional April 15 deadline for filing and paying federal taxes has now been extended to July 15, 2020. This extension 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. The extension is automatic and will not be subject to interest or penalty payments; taxpayers do not need to file any additional forms or call the IRS to qualify for the automatic federal tax filing and payment relief. Taxpayers who need additional time to file beyond the July 15 deadline can request a filing extension by filing Form 4868 for individuals and Form 7004 for businesses.
Conversely, if you are expecting a refund the Secretary of the Treasury, Steven Mnuchin, advises that you should file by April 15, 2020 as the IRS is still issuing refunds and doing so typically within 21 days. Filing electronically and utilizing direct deposit is the most expedient way to receive a refund.
It is important to note that relief only applies to federal income returns and tax payments otherwise due April 15, 2020, and does not apply to state tax payments or deposits or payments of any other type of federal tax. State filing and payment deadlines vary and are not always the same as federal filing deadlines. Similarly, 1031 Exchange deadlines have not yet been modified and as of now, remain the same.
If you have any questions regarding Cornoavirus tax relief, please email tax law attorney Jenifer Schembri at jschembri@blalockwalters.com or corporate law attorney Jodi Ruberg at jruberg@blalockwalters.com or call 941.748.0100.
Jenifer S. Schembri, Esq., Florida Board Certified in Tax Law
Jodi M. Ruberg, Esq., Business & Corporate Law
