What Does the IRS Tax Deadline Extension Mean for You?

We will continue to update this post as IRS updates become available. You can also find updates on their website.

Amidst concerns around the Coronavirus, the IRS has officially moved Tax Day to July 15, 2020. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.

How does the extension work?

  • If you owe taxes: You have until July 15 to file your individual income tax return and pay the full amount due without having any interest or penalties assessed.
    • Find alternative ways to file from home on our blog
    • Learn more about Failure to File fees.
  • If you expect to receive a refund: You can file any time (until April 15, 2023) to receive your refund, interest and penalty free! We encourage you to still file as soon as possible if you are due a refund.

What if I need more time to file my taxes?
If you are unable to file your taxes by July 15 and believe you will owe taxes, you will need to file for an extension. Filing for an extension gives you until October 15 to file your taxes, however if you owe taxes, you will still have to pay by July 15 regardless of if you’ve filed for an extension. 

How to file for an extension
To file for an extension, you’ll need to complete Form 4868. This form asks for basic information (name, address, social security number) and estimated taxes owed. You have two options to file this form with the IRS:

  1. Online: Use the IRS free file options to file this extension
  2. Mail: Complete the form by hand and mail it to the IRS. Mailing address for Colorado Residents: 

Department of the Treasury
Internal Revenue Service
Ogden, UT 84201-0045

Have additional questions about filing an extension? Give us a call at 303-454-3761.