Editor’s note:Regulations and guidance from the Internal Revenue Service and U.S. Treasury Department is evolving. Please refer to the latest guidance from the IRS and Treasury to confirm how it applies to your particular situation.
The IRS and Treasury Department announced on March 17 a federal tax filing and payment deadline extension for individual filers.
Individuals have a new deadline to file and pay any balance due for their 2020 tax returns with no penalties or interest: May 17. However, the effect is more limited for small businesses.
The new deadline doesn’t necessarily mean business owners have extra time beyond April 15. The new deadline doesn’t necessarily mean business owners have extra time beyond April 15 to file as a business owner. To help you determine when you need to file and pay your business taxes, we’ve outlined some guidelines below depending on your business structure.
We’re continuing to monitor for any additional changes that may affect when small businesses need to file and pay federal taxes. We’ll update this article with developments that may be announced over the coming weeks. Refer to the IRS and the U.S. Treasury websites for the most current guidance.