Trucking news and briefs for Wednesday, October 8, 2020:
The COVID-19 pandemic resulted in the Internal Revenue Service postponing some deadlines this year. The next deadline – and last one, for most taxpayers – is Thursday, Oct. 15. It’s for taxpayers who requested an extension to file their 2019 tax return.
“This is the final deadline for sole proprietor individual tax filers,” said Todd Amen, president of owner-operator financial services firm ATBS. “It’s the same every year” for taxpayers who file for an extension.
During the early weeks of the pandemic, the well-known April 15 filing deadline was extended to July 15 for everyone. Likewise, “the first two 2020 quarterly estimates that were due April 15 and June 15 were both extended to July 15,” Amen said. The next due dates for quarterly estimated taxes are Oct. 15 and Jan. 15, 2021.
“Taxpayers who did not request an extension and have yet to file a 2019 tax return can generally avoid additional penalties and interest by filing the return as soon as possible and paying any taxes owed,” says the IRS website.
Some taxpayers might have more time to file beyond Oct. 15 if they fall in one of these categories, says the IRS:
- Members of the military and others serving in a combat zone. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due.
- Taxpayers in federally declared disaster areas who already had valid extensions. For details, see the IRS disaster relief page.
The IRS has more detailed deadline information at its Filing and Payment Deadlines Questions and Answers.