Last week our office has been working on sending tax extensions for corporations and individuals. As I wrote last week the new tax deadline is July 15. However, I received some questions regarding the timing of tax payments that I decide to follow up with this week’s newsletter.

For most taxpayers, the filing and payment deadline was postponed for July 15. Those who need more time to file beyond the postponed date can request an Extension to File. Taxpayers must request an extension to file by July 15. This gives them until October 15 to file their tax return. An extension to file is not an extension to pay. Taxes must be paid by July 15.

How to request an extension to file

To get an extension to file, taxpayers must do one of the following:

Although the tax filing deadline has been postponed to July 15, 2020, the IRS continues processing electronic tax returns, issuing direct deposit refunds, and accepting electronic payments.

The IRS is now back to processing paper tax returns sent by mail. However, taxpayers who mailed a paper tax return will likely experience a longer wait time. Those who have already mailed a paper tax return but, it hasn’t yet been processed, should not file a second tax return or write the IRS to check the status of their tax return or Economic Impact Payment.

Our office will be available to advise you if you are in need to send an estimated tax payment and we will help you to send these payments on time to the IRS.

If you have any questions regarding this information, please call me.

We keep our promise!

Julio and Staff  Members.

Written by: Julio Jiron, CPA

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