The IRS has extended the deadline for filing tax returns and paying any taxes owed without interest and penalties to July 15 because of the coronavirus outbreak, but what about NY? The delay also applies to tax payments.
The automatic federal filing extension to July 15 applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers, as well as those who pay self-employment tax. "The I-T Department is proactively pursuing extension of statutory limitation/time barring dates with the government", the Association of the Indian Revenue Service (IRS) officers said. S-corps and partnerships, entities with filing deadlines that were set for March 16, aren't included in the deferment. You don't need to be ill nor under quarantine to be eligible for the new deadline. Yes, the filing and payment date is extended for everyone.
The New York State Department of Taxation and Finance website still shows April 15, 2020, as the deadline for filing state tax returns and paying any taxes owed.
Is the filing and payment deadline extended for everyone?
If you file your tax return or request an extension of time to file by April 15, 2020, you will automatically avoid interest and penalties on the taxes paid by July 15.
Deadlines to contribute to an Individual Retirement Account, ROTH IRA, Health Savings Account, Archer MSA, or penalties on withdrawals from retirement accounts have also been extended to July 15.
This relief is available exclusively with respect to federal income tax payments (including payments of tax on self-employment income) and Federal income tax returns due on April 15, 2020 in respect of a taxpayer's 2019 taxable year and Federal estimated income tax payments (including payments of tax on self-employment income) due on April 15, 2020 for the taxpayer's 2020 taxable year. What's more, tax items that didn't regularly have April 15 deadlines don't qualify. Mnuchin said all taxpayers and businesses will have additional time to file and make payments without interest or penalties. The IRS said most tax refunds are still being issued within 21 days. But, if you are due a refund, I would definitely suggest filing sooner so that you get your refund money in hand.