What To Do If You Missed The July 15 Deadline To File And Pay
While the federal income tax-filing deadline has passed for most people, some taxpayers haven’t filed their 2019 tax returns yet.
If a taxpayer is entitled to a refund, there’s no penalty for filing late. Penalties and interest begins to accrue on any remaining unpaid tax due as of July 16, 2020.
Anyone who didn’t file and owes tax should file a return as soon as they can and pay as much as possible to reduce penalties and interest. Some taxpayers may have extra time to file their tax returns and pay any taxes due. This includes some disaster victims, military service members, and eligible support personnel in combat zones.
Filing soon is very important because the late-filing penalty and late-payment penalty on unpaid taxes add up quickly. However, in some cases, a taxpayer filing after the deadline may qualify for penalty relief. Additionally, taxpayers who have a history of filing and paying on time often qualify for administrative penalty relief. A taxpayer will usually qualify if they have filed and paid timely for the past three years and meet other requirements.
The IRS is currently processing tax returns, issuing refunds and accepting payments. Taxpayers who mail or who have already mailed a tax return will experience a longer wait.