Urges taxpayers to pay what they can or face interest and penalties.
The Internal Revenue Service has announced that it won’t be extending the July 15 tax filing and payment deadline. It had previously granted a three-month postponement of the April 15 due date in light of the coronavirus pandemic.
Although taxpayers filing Form 1040 series returns may file Form 4868 by July 15 to obtain an automatic extension to Oct. 15, the extension only provides additional time to file the tax return; it doesn’t provide an extension to pay any taxes due. Taxpayers must estimate their tax liability on the extension form and pay any amount due. Those who make a full or partial payment can also simply indicate that the payment is for an extension and don’t need to file a separate extension form and will receive a confirmation number for their records.
Although taxpayers filing Form 1040 series returns may file Form 4868 by July 15 to obtain an automatic extension to Oct. 15, the extension only provides additional time to file the tax return; it doesn’t provide an extension to pay any taxes due. Taxpayers must estimate their tax liability on the extension form and pay any amount due. Those who make a full or partial payment can also simply indicate that the payment is for an extension and don’t need to file a separate extension form and will receive a confirmation number for their records.
RSK: That means tomorrow so if you cannot meet it file an extension!
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- - Volume: 8 - WEEK: 29 Date: 7/14/2020 9:24:01 AM -