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No more delays: What to know about the July 15 tax deadline

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(AP, WKOW) - Tax procrastinators, your time is running out.

As the coronavirus pandemic took hold this spring, the federal government postponed the traditional April 15 filing deadline until July 15.

The move provided some economic and logistic relief for taxpayers dealing with the disruptions and uncertainty brought on by lockdowns, school closures and shuttered businesses.

But now that new deadline is Wednesday. Taxpayers can still file for an extension to October 15 by midnight, but those who request one should already know that it's an extension to file the taxes, not an extension to pay taxes that are due.

If someone can't pay right now, they should still file and then work with the IRS to come up with a payment plan.

"If you're having difficulty paying, the IRS will work with taxpayers who are going through a difficult financial situation," said Alejandra Castro, a spokesperson for the IRS. "But the message is contact us."

The IRS is expecting about 150 million returns from individuals and as of last count, it had received almost 142 million. 

Taxpayers who file electronically will get their refund back much more quickly because there is a major backlog in paper returns since most IRS employees were working from home.

The IRS is paying interest on refunds. Taxpayers who got a refund before July will earn about 5 percent and then taxpayers who get a refund between June 30 and September 30 will earn about 3 percent interest.

It might be a good idea to check with a professional accountant just in case, especially if you've had a major shift in income or employment due to the pandemic.

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Associated Press

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