Are you a US taxpayer and confused about the current filing deadlines due to COVID-19? I'm about to put an end to your confusion.
For the sake of keeping this post short and sweet, I will discuss only calendar year individuals (both residents and nonresidents). See my previous blog explaining who is considered a tax resident.
Residents (including US Citizens and Green Card holders)
Individuals who are US tax residents and must file Form 1040 generally must do so by April 15th of the following year. This is also the time to pay your taxes if any are due. If you live outside the US on April 15th, you still must pay tax by April 15th but you have another 2 months to file (without having to file for an extension). Extensions to file are available until October 15th.
Please note there are no extensions available for paying tax, rather only for filing the reports.
Due to COVID-19, both the April 15th and the June 15th deadlines were extended to July 15th (for both filing and paying). The extended deadline of October 15th (for filing only) was not extended further than that.
The FBAR (Fin-CEN Form 114) deadlines are the same as the tax filing deadlines described above. FinCEN grants filers failing to meet the FBAR annual due date of April 15 an automatic extension to October 15 each year without having to actually file for an extension.
Disaster relief: The IRS announced yesterday (June 23, 2020) that they have extended the July 15th filing deadline to October 15th this year for residents of certain cities in the U.S. that were struck by tornadoes in April 2020. If this information may be relevant for you, check out the IRS disaster relief page: https://www.irs.gov/businesses/small-businesses-self-employed/disaster-assistance-and-emergency-relief-for-individuals-and-businesses
Nonresidents (such as most foreign investors in US real estate)
Individuals who are nonresidents but file Form 1040-NR to report their US source income generally must do so by June 15th of the following year. This is also the time to pay your taxes if any are due. Extensions to file are available until December 15th.
Please note there are no extensions available for paying tax, rather only for filing the reports.
Due to COVID-19, the June 15th deadline was extended to July 15th (for both filing and paying). The extended deadline of December 15th (for filing only) was not extended further than that.
The information in this blog was verified on the day it was published. For the most up-to-date information, please check the IRS website or contact me directly.