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Extensions offered during Covid-19 are as follows:
Individual tax returns normally due 4/15/2020 New due date 07/15/2020
Business tax returns nomrally due 03/15/2020 New due date 06/15/2020
The pandemic extensions granted an additional 90 days for filing of all tax returns. A normal six month extension was not granted. A normal individual IRS extenion Form 4868 allows a taxpayer additional time to file and is due 10/15/2020. A normal business IRS extenion Form 7004 allows a taxpayer to file on or before 09/15/2020.
The pandemic extensions also does not penalize either tax filers for non-payment after 04/15/2020 nor is interest charged. However, if either filer needs additional time to file, the IRS has not granted additional time to file past the 90 day extension. The recommendation is to file a regular extension.
At this time, if a taxpayer requests additional time to file past the 06/15/2020 due date for business returns and 07/15/2020 for individual returns, interest will still be charged from 07/15/2020 to the filed and paid date. If an extension is not sought for additional time to file for the 06/15/2020 and 07/15/2020 due date, penalties for late filing and interest will be charged. For more information, click on the following link: