The Internal Revenue Service recently issued Notice 2020-18 on March 23, 2020, announcing that no 2020 federal tax returns for the tax year 2019 are required to be filed until July 15, 2020. No tax payments in any amount are due until July 15, 2020. Interest and penalties will only begin to run if payment is not made on or before July 15, 2020. These rules apply across the board to individuals, trusts, estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.
The State of New Jersey followed suit on April 1, 2020, when legislation was approved to extend the filing and payment deadlines for New Jersey state taxes until July 15, 2020. This extension also applies to all taxpayers, individual and commercial.
Any taxpayer who requires a further extension beyond July 15, 2020 for their federal return may still request one as per the usual procedure for such a request with the IRS (Form 4868 for individuals or Form 7004 for businesses).
The IRS is still processing returns which are filed before July 15, 2020, and refunds are still being issued in the normal course, usually within 21 days of filing. If you calculate that you or your business will be owed a refund, you should file your applicable tax return as soon as you are able in order to obtain your refund as soon as possible.
The Law Offices of Hunziker, Jones & Sweeney are skilled and knowledgeable in all aspects of tax law. If you require assistance or advice regarding the filing of tax returns for an individual, a business, a trust or an estate, contact the firm at (973) 256-0456 or fill out our contact form to request a consultation.