Tax-filing deadline won’t be extended again, IRS says. What if you need more time?
The deadline to file and pay taxes won’t be extended again, federal officials say.
The original deadline was postponed for all taxpayers in March — from April 15 to July 15 — due to the coronavirus pandemic. The extension was in response to President Donald Trump’s emergency declaration and didn’t include penalties or interest or require the submission of additional forms.
In early May, NBC News reported that White House officials were considering pushing the deadline again, possibly to September or later.
But the Internal Revenue Service and Department of the Treasury announced Monday they’re keeping the July 15 deadline in place.
Taxpayers who are unable to meet the filing deadline can still request an automatic extension until Oct. 15 by filling out Form 4868 by July 15.
However, it only provides more time to file a tax return, not more time to pay any taxes due.
The form can be found online on the IRS website and provides three ways the submit the request:
▪ “You can pay all or part of your estimated income tax due and indicate that the payment is for an extension using Direct Pay, the Electronic Federal Tax Payment System, or using a creditor debit card.”
▪ “You can file Form 4868 electronically by accessing IRS e-file using your home computer or by using a tax professional who uses e-file.”
▪ “You can file a paper Form 4868 and enclose payment of your estimate of tax due (optional).”
Additionally, all taxpayers can request the extension electronically through IRS Free File, the IRS says.
There are also options for taxpayers who are unable to pay in full by the deadline.
Online payment agreements are available to taxpayers who meet certain income requirements and who have filed all their returns, the IRS says. One can “usually be set up in a matter of minutes” at IRS.gov/opa.
Those who don’t meet the requirements for that option can submit an installment agreement request using Form 9465, which can be found here.
Taxpayers can also contact the IRS for a temporary collection delay. If it determines you are unable to pay, it may postpone collection until your “financial condition improves.”
Finally, some taxpayers may be able to “settle” their tax bill for less by submitting an offer in compromise. The “pre-qualifier” tool can be used to determine eligibility.
It’s also important for taxpayers to check on their individual state’s deadlines, as they may differ from July 15, the IRS says.
This story was originally published June 30, 2020 at 12:09 PM with the headline "Tax-filing deadline won’t be extended again, IRS says. What if you need more time?."
