Reminder: Tax deadline extended to July 15 amid pandemic

IRS extended the federal income tax deadline from April 15, 2020 to July 15, 2020.
This new due date applies to both filings and payments due April 15, 2020. This extension is automatic. There’s no need to file additional forms.

If you need additional time beyond July 15, 2020 (which I suspect most of you will), file form 4868. Businesses who need additional time use Form 7004.

Taxpayers who deferred payments from April 15, 2020 to July 15, 2020 will not incur penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts estates, corporations, sole proprietors, other non-corporate tax filers as well as those who pay self-employment tax.

IRS Commissioner Chuck Rettig encouraged taxpayers who are due a refund to file as soon as possible instead of waiting for July 15. Treasury Secretary Steven Mnuchin also encouraged individuals and businesses to use this extra 90 days to file and pay the IRS if they owe additional taxes for 2019.

California also updated the tax deadline from June 15, 2020 to July 15, 2020 to be consistent with IRS.

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Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV – Andersen Consulting) and Ernst & Young before establishing Sy Accountancy Corporation in Pasadena, California.

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He has 50 years of experience in defending taxpayers audited by the IRS, FTB, EDD, BOE and other governmental agencies. He is publishing a book on his expertise – “HOW TO AVOID OR SURVIVE IRS AUDITS.” Our readers may inquire about the book or email tax questions at vicsy@live.com.

Victor Sy, CPA, MBA
Victor Sy, CPA, MBA

Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV - Andersen Consulting) and Ernst & Young before establishing Sy Accountancy Corporation. He retired after 50 years of defending taxpayers audited by the IRS, EDD, BOE and other governmental agencies. He published a book on “How to Avoid or Survive IRS Audits.” Readers may email tax questions to vicsy@live.com.

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