The IRS announced this week that it would not extend the tax filing deadline beyond July 15, 2020. As you may recall, the IRS had previously extended the tax filing deadline from April 15, 2020 to July 15, 2020 in response to the COVID-19 coronavirus pandemic. Taxpayers who have not filed their tax returns may file an extension to Oct. 15, 2020.
However, it’s important to note that taxpayers who file for such an extension must pay estimated tax by July 15, 2020 in order to avoid penalties. In addition, there are various IRS programs that allow taxpayers to pay their tax obligations over extended periods of time, sometimes up to 10 years.