Before COVID-19 hit the United States like a thief in the night, the due date to file and pay taxes owed was April 15th. To assist taxpayers in the wake of COVID-19, the federal, state and local governments granted a Special Tax Filing and payment relief mechanism to allow taxpayers more time to get their filings and payments submitted.
The 2020 Extended Filing Deadlines (i.e. State of Michigan and municipalities):
· April 15th July 15th for federal and state taxes
· April 30th July 31st for local taxes
For those who missed the July 15th deadline, you are urged to file as soon as possible - especially if you are owed a refund. For those who owe, penalties and interest begin to accrue on any unpaid balance immediately starting July 16th (even for those that filed an Extension request form).
If you need to request an extension or have questions in general, talk to your tax professional about filing Federal Forms 4868 (for Individuals) and 7004 (for Businesses) or any other state-specific extension form before the filing deadline. For the “do-it-yourselfer” you can request a filing extension via your favorite tax software platforms, including IRS Free File.
Please Note: Extensions only extend the time to file NOT the time to pay.
If you filed your request for extension by the July 15th, 2020 due date then you still have time to file your extension today. Submissions are due at midnight October 15th, 2020.
Called II Account, LLC