By Nathan Ham
For many people trying to figure out how to make time to file their income taxes while dealing with the coronavirus pandemic, at least one burden was lifted off their shoulders today.
In an announcement by Treasury Secretary Steven Mnuchin on Friday morning, the federal income tax filing deadline has been extended our three months with no penalty or accrued interest during that time.
According to data provided by the Internal Revenue Service, a total of 59.2 million refunds had already been issued this tax season and 76.2 million individual tax returns had been received. Tax refund checks have averaged $2,973.
Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. 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.
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.