Previous | Pet ownership on a budget Next | Savings Accounts: Which is right for you?
April 09, 2020 / Diana Sponseller
IRS extends tax payment deadline to July 15, 2020

IRS extends tax payment deadline to July 15, 2020

By Diana Sponseller, vice president, Investment & Trust Services relationship manager at F&M Trust

 
Taxpayers and businesses now have until July 15, 2020, to file and pay their taxes without penalty. This is a 90-day extension from the traditional deadline of April 15.
calculator and tax documents
The announcement from the Treasury Department and Internal Revenue Service (IRS) comes as COVID-19 tightens its grip on the U.S., taking lives and sparking fears of recession. Millions of Americans who had jobs last month are now grappling with the new reality of income insecurity and, in many cases, unemployment, as states implore nonessential businesses to halt their operations.

In response, the Treasury Department and IRS recently announced that they are providing special tax filing and payment relief to individuals and businesses. Here’s the breakdown:


Individuals

Income payment deadlines for individual returns are being automatically extended to July 15, 2020, for up to $1 million of their 2019 tax due. The relief applies to all individual returns, including self-employed individuals, trusts and estates. You do not need to file any additional forms or contact the IRS to qualify.

Corporations

C corporations can delay federal income tax payments up to $10 million of their 2019 tax due. The relief also includes estimated tax payments for the tax year 2020 that are due on April 15, 2020.

Penalties and interest for both individuals and corporations will begin to accrue on any remaining unpaid balances on July 16, 2020.

Recent Articles
What is a balance transfer — and when does it make sense?
What is a balance transfer — and when does it make sense?

What is a balance transfer — and when does it make sense?

April 08, 2021 / Cynthia Marconi

IRS extends federal tax payment deadline to May 17
IRS extends federal tax payment deadline to May 17

IRS extends federal tax payment deadline to May 17

April 02, 2021 / Shelby White

How to spot investment coaching scams
How to spot investment coaching scams

How to spot investment coaching scams

March 17, 2021 / Ray Wills

Individual investor muscle
Individual investor muscle

Individual investor muscle

March 08, 2021 / The Merrill Anderson Company

Investor alert: Robinhood app hit with hefty fine from federal regulators
Investor alert: Robinhood app hit with hefty fine from federal regulators

Investor alert: Robinhood app hit with hefty fine from federal regulators

February 23, 2021 / Shelby White

Gift values during a pandemic
Gift values during a pandemic

Gift values during a pandemic

February 16, 2021 / The Merrill Anderson Company

How to avoid the car wrap scam
How to avoid the car wrap scam

How to avoid the car wrap scam

February 10, 2021 / Ray Wills

Annual Big Game Predictor
Annual Big Game Predictor

Annual Big Game Predictor

February 05, 2021 / Warren Hurt

The three best ways to use a credit card
The three best ways to use a credit card

The three best ways to use a credit card

February 03, 2021 / Cynthia Marconi

Join our e-newsletter

Sign up for our e-newsletter to get new content each month.

NOTICE: YOU ARE LEAVING F&M TRUST!

You are now leaving the F&M Trust website. Links to third-party sites are provided for your convenience. Such sites are not within our control and may not follow the same privacy, security or accessibility standards as ours. F&M Trust neither endorses nor guarantees offerings of the third-party providers, nor is F&M Trust responsible for the security, content or availability of third-party sites, their partners or advertisers.