IRS Provides Increased Flexibility for Taxpayers Updates related to North Carolina taxes are outlined below. This notice and postponement of payments is only for federal tax returns. If you haven’t filed, you may be subject to the penalties and interest that would be postponed otherwise. You are, as of right now, required to file your return or request an extension by April 15. We want you to know that this postponement is only for payments. Furthermore, for 2016 unclaimed tax refunds the deadline has been extended to July 15, 2020. There have been other extensions of tax deadlines, including quarterly tax payments that are normally due June 15, 2020, which can now be filed by Jwithout penalties. It is important to note that taxes owed must be paid by July 15 to avoid interest and penalties. Form 4868 must be filed by individuals, and Form 7004 by businesses to request an extension to October 15, 2020. The IRS are also allowing individual taxpayers and businesses additional time to file taxes beyond July 15. This allows individuals, trusts, estates, corporations, and other non-corporate tax filers to request more time. Now, if applicable, you can make payments on or prior to Jwithout penalties or interest fees. This includes postponing tax payments up to $1 million dollars that are due on April 15, 2020. The IRS recently released Notice 2020-66 to assist taxpayers affected by the current pandemic. In order to provide relief during this time, especially for those who are unable to work, both state and federal departments of revenue are changing some of their policies, and we wanted to provide you with up-to-the minute updates on tax information as we get them. Even those who are healthy are missing work, missing school, and having their lives rearranged. The effects of COVID-19 (coronavirus) are widespread.
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