Refund filers: File as soon you can

Ernie Neve, CPA

April 1, 2020

Refunds continue: If possible, don't wait until July 15 to file if you're owed a refund; file as soon as possible. Refunds will continue to be paid. For the quickest results, taxpayers should use e-file or Free File with direct deposit to help speed up refunds.

E-file recommended: To avoid delays, the IRS urges taxpayers to file electronically rather than on paper; using direct deposit is also critical to speed up refunds. Most taxpayers can file for free with www.IRS.gov/freefile. The IRS will continue to accept electronic and paper-filed returns for taxpayers who have and prefer to continue to file on paper. The IRS emphasizes that during this period paper returns could require additional time to process; filing electronically remains the best option for taxpayers.

July 15 extension automatic. Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the July 15 deadline can request a filing extension by filing 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.

Estimated Payments: The additional time also includes estimated tax payments for tax year 2020 that are due on April 15, 2020 if paid by July 15, 2020.

Extensions beyond July 15: The IRS reminds individual taxpayers the easiest and fastest way to request a filing extension is to electronically file Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses must file Form 7004.

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