Due to COVID-19, the treasury department delayed the due date for tax filings. Normally scheduled for April 15, the new date is July 15, 2020, giving filers the extra time they need to handle their taxes. 

You may still have questions regarding this, so we’ll answer some of the common questions related to this delay. 

What does this mean if I’m owed a refund? If you’re owed a tax refund, the IRS recommends that you file as quickly as you can. The sooner you file, the sooner you’ll receive the money that’s owed to you. 

Who is this extension for? This extension applies to individuals, trusts, and corporations. 

Do I need to do anything to get this extension? No, the extension is automatic. There is no paperwork you need to file. 

What if I need more time? Individuals can request an extension to October 15, 2020 by filing Form 4868, while businesses and trusts can file Form 7004. It’s important to note that this extension is for filing your taxes, you will still need to pay any taxes owed by the July 15 cutoff date. 

Do partnership returns or S corporation returns apply to the extension?  No, these returns were due on March 16, so they do not apply the extension. 

Primary Payroll understands that taxes can be tricky for businesses, especially if you have a high amount of expenses and payroll. We help businesses get ahead of any policy changes related to taxes and payroll, and can help you streamline your finances. Contact us today to learn how.