In order to help businesses and individuals cope with the fallout of the COVID-19 crisis, the IRS extended the 2019 federal tax filing deadline from April 15 to July 15, 2020. The extension also applies to 2019 traditional IRA and ROTH IRA contributions. Payment of 2020 first and second quarters’ estimated taxes is also postponed to July 15, 2020.
It’s important to note that some states—but not all—have extended filing deadlines. Check with your state to avoid late penalties.
Need More Time?
Don’t miss the July 15 deadline because any taxes filed on July 16, 2020 or later will be subject to penalties and interest accrual— unless you have filed for an extension to October 15, 2020. To apply for the extension to October 15th, individuals must file IRS Form 4868 while businesses need to file Form 7004 by July 15th.