Four things you need to know about the upcoming tax deadline
The Department of Treasury has delayed the tax deadline from April 15 to July 15 for most taxpayers. This is an effort to ensure taxpayers have the time necessary to take care of their tax responsibilities despite Covid19.
What is the current tax deadline for tax returns?
As of to date, the Treasury has extended tax deadlines for individuals, corporations, and nonprofits to July 15. However, this does not extend the deadline for partnerships and S-corporations. These returns were due on March 15 of this year.
Will the deadline be further extended?
Just recently, the Treasury Secretary has indicated there could be a possibility that the deadline could be extended once more to September 15, but this has yet to be determined.
What should taxpayers do if they need more time to file?
If taxpayers need more time to file, they can file form 4868 to extend the tax deadline to October 15. For business entities, they should complete form 7004, which would provide an additional six months to file following the due date.
What if a taxpayer is due a refund from a prior year, what steps should they take?
Taxpayers should file past returns as soon as possible, especially if a refund is due. Keep in mind, the last day to file for a tax refund for the tax year 2016 is July 15. Typically, the deadline would have been April 15, 2020; however, due to the pandemic, it was extended to July 15. Taxpayers who file after this time will be unable to obtain their tax refunds for this year due to the statute of limitations.