What the IRS Tax-Filing Extension Means for You

In the light of the COVID-19 pandemic, the IRS has extended the due date for filing taxes to July 15. This gives businesses and individuals an additional 90 days to file and pay their 2019 taxes. At Edgewater CPA Group, we’re happy to do tax preparation for small businesses to make sure you have all the needed documentation in order by the new filing deadline. Here’s what you need to know about this extension.

You won’t be penalized or fined for waiting.

The IRS has assured taxpayers that they won’t be fined or penalized for delaying paying taxes up through July 15. Many – but not all – states have followed suit and pushed back their own tax deadlines. 

Further extension is available to small businesses.

In addition to the July 15 extension to pay taxes without interest or penalties, businesses can file Form 7004 to request a deferral beyond July 15. With Form 7004, businesses still need to pay estimated taxes by July 15 to avoid penalties, but have until October 15 to file. 

Estimated payments are also delayed.

If you pay quarterly estimated tax payments, those due dates have changed. Estimated payments for the first and second quarters of 2020 are due on July 15, rather than April 15 and June 15. 

Choose an accounting firm that can roll with the changing times.

This global pandemic has changed many things about how the world operates. As a small business owner, it can be hard to know what direction to take. That’s why you need a trusted partner like Edgewater CPA Group on your team. Our business tax services go beyond filing end-of-the-year taxes. We focus on working with businesses and individuals throughout Indiana and the U.S., to find the most tax-advantaged position. We’ll help you get through this unprecedented time, and make sure you’re set up for success for the years ahead. Call us today at (888) 317-4835 to schedule your consultation. 

Sources: Wall Street Journal, IRS.gov