The Internal Revenue Service and the US Treasury have decided to introduce certain benefits for businesses and individuals who are currently suffering from the COVID 19 pandemic. The changes also affected Tax Day. Traditionally, Tax Day is held in mid-April, but this year the date will be postponed to July 15. This is the deadline for organizations to file reports and pay federal income taxes.
The deadline for submitting documents is postponed for all categories of taxpayers. The innovation applies to individuals, corporations, trusts, payers of self-employment tax, etc. In addition, taxpayers do not need to contact the Internal Revenue Service and file any application to extend the deadline. No fines or additional fees will be charged.
The U.S. Department of the Treasury has also issued a decree for companies that, for whatever reason, cannot submit their forms before Tax Day. For an additional delay, you must fill out form 4868. Legal entities must file form 7004.
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