IRS Extends Income Tax Deadline to July 15, Virginia Department of Taxation Extends Payment Deadline to June 1

In an effort to provide some financial relief to individual and corporate taxpayers during the novel coronavirus pandemic, the Internal Revenue Service (IRS) has extended the federal income tax filing and payment deadline for 2020 from April 15 to July 15. The Virginia Department of Treasury has extended the state income tax payment deadline to June 1. These extensions apply to all taxpayers automatically. In other words, there is nothing you need to do in order to delay your filings and payments (if applicable) to these revised deadlines.

Q&A with Virginia Tax Lawyer Kevin E. Thorn, Managing Partner, Thorn Law Group

Q: Do the state and federal income tax deadline extensions apply to all taxpayers?

Yes, the coronavirus-related income tax deadline extensions apply to all taxpayers. An IRS News Release announcing the federal extension states, “This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.” An announcement on the Virginia Department of Taxation’s website states that the Commonwealth’s extension applies to, “individual and corporate income taxes paid to Virginia Tax.”

Q: If I am entitled to a refund, can I still file on or before April 15?

Yes, and the IRS encourages you to do so. The News Release linked above goes on to state, “The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days.” Virginia’s extension applies to payment only, so taxpayers must still file their tax returns by the Commonwealth’s usual deadline of May 1 regardless of whether they owe tax or are entitled to a refund.  

Q: Will Virginia increase its income tax deadline extension to July 15?

Maybe, but at this point we don’t know. Many states have mirrored the federal filing extension; and, while West Virginia also extended its filing deadline to June 1, its Governor has reportedly requested an additional extension to July 15. Virginia taxpayers should continue to monitor the Virginia Department of Taxation’s website for updates as the current May 1 filing deadline and June 1 payment deadline approach.

Q: If I already filed and I owe the IRS, can I delay my payment?

Potentially, yes. If you have already filed and scheduled a payment (but have not yet actually paid), you may be able to delay your federal income tax payment to July 15. In order to delay an electronic funds transfer (EFT), you will need to contact the U.S. Treasury Department. If you scheduled a payment with IRS Direct Pay or the Electronic Federal Tax Payment System (EFTPS), you can change your payment date in the relevant system. In either case, however, you must update your payment date at least two days prior to its current scheduled due date.

Contact Thorn Law Group

If you have questions related to your state or federal income tax obligations, the attorneys at Thorn Law Group can help. To request a confidential consultation, please call Managing Partner Kevin E. Thorn at 703-752-3752 or inquire online today.