Wednesday is Tax Day: What you need to know

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(WWLP) – Due to the coronavirus pandemic, the original tax day on April 15 was extended to July 15 to give tax payers more time to file their taxes.

The extension provided economic relief to many taxpayers impacted by business and store closures during the nationwide lockdowns.

According to the Internal Revenue Service, they are urging taxpayers who are owed a refund to file as quickly as possible, and for those who can’t file by the July 15 deadline, they can still request an extension to file their return.

After a three month extension that day is finally here.

What you need to know:

This relief applied to all individual returns, trusts, and corporations and taxpayers did not need to file any additional forms or call the IRS to qualify. Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020.

This relief also included estimated tax payments for the tax year 2020 that were due on April 15. If taxpayers need to file an extension they can file Form 4868 through their tax professional, tax software, or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.

To avoid interest charges and any possible late-payment penalties, taxpayers need to estimate any tax liability and pay it by midnight Wednesday. Also, if taxpayers need additional time to file their federal tax return, they can file an extension for October 15 by midnight Wednesday.

The relief extension only applied to federal income returns and tax payments due April 15, 2020, not state tax payments, deposits or payments of any other type of federal tax.

According to the IRS, state filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details.

If tax payers have any questions about the deadline they can use the Interactive Tax Assistance tool on IRS.gov.

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