More Extensions from the Internal Revenue Service


         When the Internal Revenue Service (IRS) changed the due date for filing Tax Returns to July 15. This also applied to making tax payments for those who will owe. This was clearly understood by Taxpayers and had been called for by many. What may not have been understood, were the other extensions that came along with this date change.
          At first it was thought that the July 15 change only applied to Tax Returns for individuals. It has now been made clear that a Corporation with a quarterly tax payment due before July 15, can wait until July 15 to pay with no penalty or interest. This change also extended the window for those looking to claim a Tax refund from the 2016 Tax Year. A refund must be claimed within 3 years, and now there is an extra 90 days for a Taxpayer to file for that opportunity. Taxpayers should not forget that you have the option to still file for an extension if necessary. It would allow you to file on or before October 15, 2020. However, you will still need to make any payments on July 15.

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