IRS provides extension to pay tax bill

IRS provides extension to pay amid coronavirus epidemic

The IRS has released guidance that is giving taxpayers until 15 July to pay their income taxes. This extension is not for filing your return. That due date remains 15 April. 

What does this mean for you? 

If you are due a refund, you definitely want to get your return filed soon so that you can ensure you receive the refund and help ease any financial burden that the coronavirus is causing your household. 

If you have a balance due you will file your return by 15 April and be able to extend the payment of the taxes until 15 July without any penalty or interest. 

The standard 6 month extension for filing your return remains an option if you anticipate needing additional time to gather documents however, if you have a balance due the penalty and interest waiver only extends until 15 July. This means that even if you don’t get your return filed until October you’ll need to send in an estimated payment by 15 July in order to avoid penalty and interest. 

Stay safe!