Hyden, Miron & Foster, PLLC Law Blog

Thursday, May 21, 2020

What You Need to Know About the 2020 Tax Deadline Extension

The effects of the COVID-19 (Coronavirus) pandemic have been felt across the globe. The U.S. economy has been badly hit and many Americans are suffering financially due to the economic downturn. This is why the U.S. Treasury Department, along with the Internal Revenue Service, announced on March 21, 2020 that the federal income tax filing due date will be extended from its normal April 15th date to July 15, 2020. This extension comes in addition to the CARES stimulus package that will distribute checks to many people in need. With this extension announced, it is important that you fully understand what the extension needs and what it actually applies to.

What You Need to Know About the 2020 Tax Deadline Extension

The 2020 tax deadline extension applies to taxpayers regardless of how much money they may owe. They can file up until the extended July 15th without incurring interest or penalties. If a taxpayer expects a tax refund, the IRS is urging these individuals to file taxes as soon as possible, despite the tax deadline extension. Most tax refunds, however, are still being issued within 21 days of taxes being filed.

The tax extension applies to all who file federal income tax returns. This means that it does not just apply to individual filers. It also applies to businesses, trusts, estates, and other entities required to file federal income tax returns. The tax deadline extension is also automatic. This means that there is no need to file anything additional in order to take advantage of the extension. Should you need an extension beyond the July 15, 2020 extension, you will need to make an additional filing for that. Individuals looking for this extended extension must complete Form 4868. Businesses need to complete Form 7004. Even though the tax deadline has been extended from April until July, the farthest allowable extension period remains October 15, 2020 for those individuals who petition for more time to file their taxes.

It is important to note that the 2020 tax deadline tax extension only applies to federal income tax filings. It does not apply to state level income tax filing deadlines. Many states, however, have chosen to grant these state level income tax extensions, but it will vary across the country. Some states have chosen to adopt the new filing date set by the federal government. Some have set up their own guidelines. Arkansas Governor Hutchinson has announced that the Arkansas state tax deadline will fall in like with the extension granted by the federal government. This means that Arkansas has extended the deadline for filing state income taxes to July 15, 2020 as well.

Tax Attorneys

In these uncertain times, it is critical that you understand your rights and responsibilities as a taxpayer. The trusted tax attorneys at Hyden, Miron & Foster are here to provided dedicated legal counsel to you. Contact us today.


Archived Posts

2020
2019
2018
2017
2016
2015
2014



© 2020 Hyden, Miron & Foster, PLLC | Disclaimer
Agriculture Law | About | Attorneys | Client Forms | Resources | Practice Areas | News

FacebookGoogle+Twitter

Law Firm Website Design by
Zola Creative


901 N. University Avenue, Little Rock, AR 72207 | Phone: 501.482.1787 | 557 Locust Avenue, Conway, AR 72034 | Phone: 501.482.1787
3880 N. Highway 7, Hot Springs Village, AR 71909 | Phone: 501.482.1787 | 721 S Main Street Stuttgart, AR 72160 | Phone: 870.673.0083