Does the new July 15 deadline for paying your federal taxes also apply to filing your 2019 return? What about South Carolina taxes?
- March 19, 2020
- David Greene
- Comments Off on Does the new July 15 deadline for paying your federal taxes also apply to filing your 2019 return? What about South Carolina taxes?
The IRS has just announced that the payment deadline for all income taxes due on April 15 has now been extended to July 15. Please note that this is an extension for paying only, NOT FILING. You must still file your tax return by April 15 or apply for an extension to file until October 15 (this is true every year). Also note that this extension covers payments up to $1 million for individuals and up to $10 million for companies. If you pay your federal taxes, including estimated taxes for 2020, by July 15, you will not be charged any interest or penalties. After that date, normal interest and penalties will be assessed. South Carolina has extended its filing and payment dates as follows: any tax return or tax payment due between April 1 and June 1 will now be due on June 1. Any returns or payments due in March are still due on their normal deadlines. This includes income tax, payroll tax, sales tax, etc. Remember that it will be better to file and pay at the normal time if you are able to do so. Visit our web site to see what we are doing to protect our clients in this crisis.