The IRS has recently declared an extension of the federal income tax filing deadline to July 15th. The intention is to offer taxpayers an additional three months to file and make payments without incurring interest or penalties. This decision is a proactive response to the ongoing challenges posed by the Coronavirus pandemic. It should provide relief to individuals and companies grappling with unprecedented financial impacts.
This extension forms part of a broader strategy aimed at stabilizing the economy during these uncertain times. By granting this three-month grace period, the government seeks to ease the financial burden on taxpayers and businesses, allowing them more time to navigate through the challenges brought about by the pandemic.
It’s important to note that the extended filing deadline exclusively applies to federal income tax payments. As of now, state filing due dates remain unchanged. Our team will actively monitor the situation, and as more details emerge, we will ensure to keep you informed about any developments or changes in the tax landscape.
This recent announcement builds upon an earlier decision, made earlier in the week, wherein individuals and businesses were granted a 90-day extension to defer their 2019 tax bill payments beyond the usual April 15 deadline. These measures collectively reflect the government’s commitment to supporting individuals and businesses during this unprecedented period of economic uncertainty.