This has been an interesting year for income taxes. With the tax filing deadline for personal and corporate income taxes moved out to July 15, 2020, due to the coronavirus pandemic, many taxpayers let their guard down. As the traditional April 15 deadline came and went without a whimper, taxpayers relaxed even more, knowing that the July 15 filing deadline gave them plenty of time to get their taxes done.
However, July 15 also came and went. Now the extension deadline of October 15 looms on the horizon. Just slightly more than a month away, those procrastinating taxpayers will now be on the hook for filing their personal income taxes. For real. And if it’s not done this time, they’ll be paying penalties and interest. They’ll also need to pay any remaining tax that’s due (the majority of their tax liability – at least 90% – should have been paid by July 15).
There’s No Time Like the Present
It’s important to note that filing an extension gave taxpayers extra time to prepare and file their taxes. It did not give them extra time to pay their taxes.
Businesses that requested a filing extension back in July need to be prepared for the September 15 deadline. There is no possibility of extension this time. And this deadline applies only to those entities that requested an extension through official means. Partnerships, S corps, and C corps should have filed Form 7004 on or before July 15, 2020.
If corporate taxes are not filed on or before September 15, the IRS will consider you a very late filer, and additional penalties and interest may apply.
Call Adams Accounting Solutions for Help
Adams Accounting Solutions specializes in personal and small business tax preparation and consulting. We can help you stay out of trouble with the IRS by getting your tax returns filed by the appropriate deadline. If you’ve been procrastinating, now is the time to give us a call. You’re quickly running out of time!
