Tax Day 2020 is Now Officially July 15th Federally

Home » Money Management » Economic News » Tax Day 2020 is Now Officially July 15th Federally

Tax Day 2020 is Now Officially July 15th Federally

Following a previous announcement that the Internal Revenue Service (IRS) would push back the 2019 tax payment deadline to July, the agency has not decided to delay the filing cut off as well. As a result, for 2020, Tax Day will not be on April 15th but July 15th instead.

Like with the payment deadline delay, taxpayers will not need to request this extension or file extra forms as this change will apply automatically, with no penalties or interest being applied. That said, those who still will need more time than the July deadline allows will need to file an extension as normal. Notably, the shift in filing date now means that the previous limits announced — $1 million owed for individuals and $10 million for C Corporations — will no longer apply. Instead this extension will apply to all taxpayers regardless of the amount owed.

While the delay may be welcomed news for those who expect to owe on their tax obligations, the IRS continues to recommend that those who anticipate receiving a refund file as soon as possible. With most refunds being issued within 21 days, taxpayers can then utilize these funds to help them through this difficult time. Furthermore the agency suggests filing electronically. As IRS Commissioner Chuck Rettig explained in a statement, “Even with the filing deadline extended, we urge taxpayers who are owed refunds to file as soon as possible and file electronically. Filing electronically with direct deposit is the quickest way to get refunds.”

Once again, like with the prior payment deadline announcement, it’s important to note that this July 15th deadline only applies to your federal tax return. This means that, depending on the actions of your state’s agencies, your state tax filings may still be due in April. For more information from your particular state’s tax agency, offers a list and links to each.

Despite the new federal deadline — and considering that your state may still require an earlier filing — the best course of action may be to prepare your return as soon as you can. Then, if you do owe federal taxes, you can determine whether it makes sense to pay right away or wait until closer to the new July 15th due date. Furthermore, since in-person tax prep may not be available due to current circumstances, it may be worth exploring online options, many of which feature live tax (depending on what tier of service you purchase). Finally, since things can always continue to change, be sure to check for the latest information.


Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *


Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer Partnering with Three Crypto Tax Providers

Just because Tax Day has officially been moved to July 15th doesn't mean that individuals don't need to be thinking about their 2019 returns. Moreover, with the Internal Revenue Service (IRS) taking an enhanced interest in cryptocurrency capital gains in recent months, it would behoove crypto holders to make sure...

How Will Americans Spend Their Emergency Stimulus Checks?

With the COVID-19 pandemic negatively impacting the lives of millions, this week the United States Congress has been attempting to pass a massive stimulus bill that would offer relief to some workers and businesses. As of this writing, the details of an apparent deal reached in the Senate are not...

Facebook Establishes a $100 Million Small Business Grant Program

For as much grief as Facebook often gets from regulators, politicians, and everyday citizens alike, the company has proven itself to be strong allies of small businesses nationwide and globally. Thus, in this time of unprecedented challenge to entrepreneurs, the social network is stepping up to help. Last week Facebook...