B&K Tax Service

Issue Number: Tax Tip 2020-168 Identity Protection PIN Program will soon be available to taxpayers nationwide In January, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity....Continue reading

Taxpayer Relief Initiative aims to help those financially affected by COVID-19 The IRS reviewed its collection activities to see how it could provide relief for taxpayers who owe taxes but are struggling financially because of the pandemic. The agency is expanding taxpayer options for making payments and other ways to resolve tax debt. Taxpayers who owe taxes always had options to get help through payment plans and other tools from the IRS. The new IRS Taxpayer Relief Initiat...Continue reading

Issue Number: COVID Tax Tip 2020-167 IRS warns people about a COVID-related text message scam The IRS and its Security Summit partners are warning people to be aware of a new text message scam. The thief’s goal is to trick people into revealing bank account information under the guise of receiving the $1,200 Economic Impact Payment.... Here’s how this scam works People get a text message saying they have received a direct deposit of $1,200 from COVID-19 TREAS FUND. Further action is required to accept this payment Continue here to accept this payment " The text includes a link to a phishing web address. This fake link appears to come from a state agency or relief organization. It takes people to a fake website that looks like the IRS.gov Get My Payment website. If people visit the fake website and enter their personal and financial account information, the scammers collect it. Here’s what people should do if they receive this message Anyone who receives this scam text should take a screenshot and include the screenshot in an email to [email protected] with the following information: Date/time/time zone that they received the text message The phone number that received the text message The IRS doesn’t send unsolicited texts or emails. The agency will never demand immediate payment using a gift card, prepaid debit card or wire transfer or threaten to have a taxpayer arrested. More information: IRS Impersonation Scam Reporting Consumer Alerts Phone Scams Share this tip on social media -- #IRSTaxTip: IRS warns people about a COVID-related text message scam. https://go.usa.gov/x7M5A

Issue Number: COVID Tax Tip 2020-153 How the CARES Act changes deducting charitable contributions Whether taxpayers are supporting natural disaster recovery, COVID-19 pandemic aid or another cause that’s personally meaningful to them, their charitable donations may be tax deductible. These deductions basically reduce the amount of their taxable income.... Here’s how the CARES Act changes deducting charitable contributions made in 2020: Previously, charitable contributions could only be deducted if taxpayers itemized their deductions. However, taxpayers who don’t itemize deductions may take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying organizations. For the purposes of this deduction, qualifying organizations are those that are religious, charitable, educational, scientific or literary in purpose. The law changed in this area due to the Coronavirus Aid, Relief, and Economic Security Act. The CARES Act also suspends limits on charitable contributions and temporarily increases limits on contributions of food inventory. More information about these changes is available on IRS.gov. Here are some resources for people making donations: Tax Exempt Organization Search Taxpayers must give to qualified organizations to deduct their donations on their tax return. They can use this tool to find out if a specific charity qualifies as a charitable organization for income tax purposes. Publication 526, Charitable Contributions This publication explains how taxpayers claim a deduction for charitable contributions. It goes over: How much taxpayers can deduct. What records they must keep. How to report contributions. Publication 561, Determining the Value of Donated Property Taxpayers generally can deduct the fair market value of property they donate. This publication helps determine the value of donated property. Form 8283, Noncash Charitable Contributions Taxpayers must file Form 8283 to report noncash charitable contributions if the amount of this deduction is more than $500. The instructions for this form walk taxpayers through how to complete it. Schedule A, Itemized Deductions Taxpayers deducting donations do so on Schedule A. The instructions for this form include line-by-line directions for completing it. Frequently asked questions: Qualified charitable distributions Taxpayers age 70 or older can make a qualified charitable distribution from their IRA up to $100,000 directly to an eligible charity. It’s generally a nontaxable distribution made by the IRA trustee to a charitable organization. A QCD counts toward their minimum distribution requirement for the year. More information: Tax Topic 506, Charitable Contributions Deducting Charitable Contributions at a Glance Share this tip on social media -- #IRSTaxTip: How the CARES Act changes deducting charitable contributions. https://go.usa.gov/x79jx

Issue Number: Tax Tip 2020-145 Here’s what taxpayers need to know about filing an amended tax return If taxpayers discover a mistake on their tax return, this is not necessarily cause for concern. Most errors can be fixed by filing a Form 1040-X, Amended U.S. Individual Income Tax Return.... Here are some common reasons people may need to file an amended return: Entering income incorrectly Not claiming credits for which they’re eligible Claiming deductions incorrectly The IRS may correct math or clerical errors on a return and may accept returns without certain required forms or schedules. In these instances, there's no need for taxpayers to amend the return. Taxpayers who do need to amend their tax return might have questions about how to do so. Here are some things they should know: Taxpayers may now use tax software to file an electronic Form 1040-X. At this time, only tax year 2019 Forms 1040 and 1040-SR returns can be amended electronically if the original 2019 tax return was also filed electronically. Taxpayers who cannot or chose not to file their 1040-X electronically should complete a paper Form 1040-X. If filing a paper 1040-X, mail it to the IRS address listed in the form’s instructions under Where to File. Taxpayers filing Form 1040-X in response to an IRS notice should mail it to the IRS address indicated on the notice. Attach copies of any forms or schedules affected by the change. File a separate Form 1040-X for each tax year. When mailing amended returns to the IRS, place each tax year in a separate envelope and enter the year of the original return being amended at the top of Form 1040-X. Wait if expecting a refund for the original tax return to be processed before filing an amended return. Pay additional tax owed as soon as possible to limit interest and penalty charges. Taxpayers should file Form 1040-X to claim a refund within three years from the date they timely filed their original tax return or within two years from the date they pay the tax, whichever is later. Track the status of an amended return three weeks after mailing using the Where’s My Amended Return? tool. More Information: Should I File an Amended Return? Amended Returns Form 1040X Frequently Asked Questions Share this tip on social media -- #IRSTaxTip: Here’s what taxpayers need to know about filing an amended tax return. https://go.usa.gov/x7rSj

Issue Number: Tax Tip 2020-122 The Oct. 15 deadline for extension filers is almost here The October 15 filing deadline for taxpayers who requested an extension to file their 2019 tax return is quickly approaching. Taxpayers should remember they can file whenever they’re ready and don’t have to wait until Thursday, Oct 15.... These tools are available at IRS.gov to help people with their taxes: IRS Free File and other electronic filing options. Taxpayers can file their tax return electronically for free through IRS Free File. Other electronic filing options include using a free tax return preparation site, commercial software or an authorized e-file provider. Direct deposit for refunds. The fastest way for taxpayers to get their refund is to file electronically and use direct deposit. Refunds can be deposited in up to three accounts. Taxpayers can also use their refunds to purchase up to $5,000 in U.S. Series I Savings Bonds. Online payment options. If an extension filer owes taxes, they should pay as much as possible by the Oct. 15 deadline to reduce interest and penalties. IRS Direct Pay allows individuals to securely pay from their checking or savings accounts. Visit IRS.gov for additional payment options. Account information and tax records. Individual taxpayers can visit IRS.gov to manage their account. This includes viewing their balance and payment history, paying taxes and accessing tax records through Get Transcript. These people may have more time to file their tax return: Military members serving in a combat zone or a contingency operation in support of the Armed Forces generally get more time to file. People who have a valid extension and are in or affected by a federally-declared disaster may be allowed more time to file. Taxpayers should keep a copy of their tax return and all supporting documents for at least three years. Share this tip on social media -- #IRSTaxTip: The Oct. 15 deadline for extension filers is almost here. https://go.usa.gov/xGQ2T

Using the Tax Withholding Estimator will help taxpayers avoid surprises next year Using the IRS Tax Withholding Estimator can help taxpayers have the right amount of tax withheld and avoid surprises when filing next year. Income taxes are pay-as-you-go. By law, taxpayers are required to pay most of their tax as income is received. There are two ways to do this:...Continue reading

returns or tax accounts. Each notice deals with a specific issue and includes specific instructions on what to do. Don’t panic. The IRS and its authorized private collection agencies do send letters by mail. Most of the time, all the taxpayer needs to do is read the letter carefully and take the appropriate action. Don’t reply unless instructed to do so. There is usually no need for a taxpayer to reply to a notice unless specifically instructed to do so. On the other hand, ta...xpayers who owe should reply with a payment. IRS.gov has information about payment options. Do take timely action. A notice may reference changes to a taxpayer’s account, taxes owed, a payment request or a specific issue on a tax return. Acting timely could minimize additional interest and penalty charges. Do review the information. If a letter is about a changed or corrected tax return, the taxpayer should review the information and compare it with the original return. If the taxpayer agrees, they should make notes about the corrections on their personal copy of the tax return and keep it for their records. Do respond to a disputed notice. If a taxpayer doesn’t agree with the IRS, they should mail a letter explaining why they dispute the notice. They should mail it to the address on the contact stub included with the notice. The taxpayer should include information and documents for the IRS to review when considering the dispute. People should allow at least 30 days for the IRS to respond. Do remember there is usually no need to call the IRS. If a taxpayer must contact the IRS by phone, they should use the number in the upper right-hand corner of the notice. The taxpayer should have a copy of their tax return and letter when calling the agency. Do avoid scams. The IRS will never contact a taxpayer using social media or text message. The first contact from the IRS usually comes in the mail. Taxpayers who are unsure if they owe money to the IRS can view their tax account information on IRS.gov. More information: Understanding Your IRS Notice or Letter Tax Topic 651 - Notices What to Do Tax Topic 653 - IRS Notices and Bills, Penalties, and Interest Charges Tax Topic 654 - Understanding Your CP75 or CP75A Notice Request for Supporting Documentation Share this tip on social media -- #IRSTaxTip: What taxpayers should do if they get a letter or notice from the IRS. https://go.usa.gov/xfPGy

Tax returns are due today; taxpayers who can’t pay should still file today Today, 2019 tax returns are due. Taxpayers should remember to file or request an extension of time to file and pay any taxes they owe by the July 15 deadline to avoid penalties and interest. Here are some tips for taxpayers who owe tax, but who can’t immediately pay their tax bill. Taxpayers should:... File their tax return or request an extension of time to file by the July 15 deadline. People who owe tax and do not file their return on time or request an extension may face a failure-to-file penalty for not filing on time. Taxpayers should remember that an extension of time to file is not an extension of time to pay. An extension gives taxpayers until Oct. 15, 2020 to file their 2019 tax return, but taxes owed are still due July 15, 2020. Pay as much as possible by the July 15 due date. Whether filing a return or requesting an extension, taxpayers must pay their tax bill in full by the July filing deadline to avoid penalties and interest. People who do not pay their taxes on time will face a failure-to-pay penalty. IRS.gov has information for taxpayers who can’t afford to pay taxes they owe. Set up a payment plan as soon as possible. Taxpayers who owe but cannot pay in full by the deadline don’t have to wait for a tax bill to request a payment plan. They can apply for a payment plan on IRS.gov. Taxpayers can also submit a payment plan request in writing using Form 9465, Installment Agreement Request. Some disaster victims, military service members and eligible support personnel in combat zones have more time beyond the July 15 deadline to file and pay their taxes. Taxpayers should also check their state filing and payment deadlines, which may be different from the federal July 15 deadline. A list of state tax division websites is available through the Federation of Tax Administrators. The IRS is processing tax returns, issuing refunds and accepting payments. Taxpayers who mail or who have already mailed a tax return will experience a longer wait. The IRS will process these returns in the order received and there is no need to file a second tax return or call the IRS. More information: Tax Topic Number 653: IRS Notices and Bills, Penalties, and Interest Charges What Is the Due Date of My Federal Tax Return or Am I Eligible to Request an Extension? Share this tip on social media -- #IRSTaxTip: Tax returns are due today; taxpayers who can’t pay should still file today. https://go.usa.gov/xfg43

Major changes to retirement plans due to COVID-19 Qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between Jan. 1 and Dec. 30, 2020. These coronavirus-related distributions aren’t subject to the 10% additional tax that generally applies to distributions made before reaching age 59 and a half, but they are still subject to regular tax. Taxpayers can include coronavirus-related distributions ...as income on tax returns over a three-year period. They must repay the distribution to a plan or IRA within three years. Some plans may have relaxed rules on plan loan amounts and repayment terms. The limit on loans made between March 27 and Sept. 22, 2020 is raised to $100,000. Plans may suspend loan repayments due between March 27 and Dec. 31, 2020. Qualifications for relief The law defines a qualifying person as someone who: Has tested positive and been diagnosed with COVID-19 Has a dependent or spouse who has tested positive and been diagnosed with COVID-19 Experiences financial hardship due to them, their spouse or a member of their household: Being quarantined, furloughed or laid off or having reduced work hours Being unable to work due to lack of childcare Closing or reducing hours of a business that they own or operate Having pay or self-employment income reduced Having a job offer rescinded or start date for a job delayed Employers can choose whether to implement these coronavirus-related distribution and loan rules.Qualified individuals can claim the tax benefits of coronavirus-related distribution rules even if plan provisions aren't changed. Administrators can rely on an individual's certification that they’re a qualified person. Required minimum distributions People who already took a required minimum distribution from certain retirement accounts in 2020 can now roll those funds back into a retirement account. The 60-day rollover period has been extended to Aug. 31, 2020. Under the relief, taxpayers with required minimum distributions from certain retirement plans can skip them this year. Distributions that can be skipped were due in 2020 from a defined-contribution retirement plan. These include a 401(k) or 403(b) plan, as well as an IRA. Among the people who can skip them are those who would have had to take the first distribution by April 1, 2020. This waiver does not apply to defined-benefit plans. More information Guidance for Coronavirus-Related Distributions and Loans from Retirement Plans Under the CARES Act Coronavirus-related relief for retirement plans and IRAs questions and answers Guidance on Waiver of 2020 Required Minimum Distributions Share this tip on social media -- #IRSTaxTip: COVID Tax Tip 2020-85: Major changes to retirement plans due to COVID-19. https://go.usa.gov/xfgge

Issue Number: Tax Tip 2020-76 Don’t forget, Social Security benefits may be taxable Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits.... Social Security benefits include monthly retirement, survivor and disability benefits. They don't include supplemental security income payments, which aren't taxable. The portion of benefits that are taxable depends on the taxpayer’s income and filing status. To find out if their benefits are taxable, taxpayers should: Take one half of the Social Security money they collected during the year and add it to their other income. Other income includes pensions, wages, interest, dividends and capital gains. If they are single and that total comes to more than $25,000, then part of their Social Security benefits may be taxable. If they are married filing jointly, they should take half of their Social Security, plus half of their spouse's Social Security, and add that to all their combined income. If that total is more than $32,000, then part of their Social Security may be taxable. Fifty percent of a taxpayer’s benefits may be taxable if they are: Filing single, single, head of household or qualifying widow or widower with $25,000 to $34,000 income. Married filing separately and lived apart from their spouse for all of 2019 with $25,000 to $34,000 income. Married filing jointly with $32,000 to $44,000 income. Up to 85% of a taxpayer’s benefits may be taxable if they are: Filing single, head of household or qualifying widow or widower with more than $34,000 income. Married filing jointly with more than $44,000 income. Married filing separately and lived apart from their spouse for all of 2019 with more than $34,000 income. Married filing separately and lived with their spouse at any time during 2019. The Interactive Tax Assistant on IRS.gov can help taxpayers answer the question Are My Social Security or Railroad Retirement Tier I Benefits Taxable? The tax filing deadline has been postponed to Wednesday, July 15, 2020. The IRS is processing tax returns, issuing refunds and accepting payments. Taxpayers who mailed a tax return will experience a longer wait. There is no need to mail a second tax return or call the IRS. More information: Social Security Income Publication 915, Social Security and Equivalent Railroad Retirement Benefits Share this tip on social media -- #IRSTaxTip: Don’t forget, Social Security benefits may be taxable. https://go.usa.gov/xwADv

Issue Number: COVID Tax Tip 2020-67 Who qualifies for which new employer tax credit? Many businesses affected by COVID-19 qualify for tax relief though credits or deferrals. ... Here’s a breakdown of which employers qualify for these new tax credits and the deferral of employment tax deposits and payments through Dec. 31, 2020. Credits for paid sick and family leave Businesses and tax-exempt organizations that have less than 500 employees and provide one or both types of leave can claim the refundable credits. Self-employed people can also claim similar credits. Some public employers must provide paid sick leave and family leave but, aren’t eligible for the credits. Guidance from the Department of Labor has details on these leave requirements. Employee Retention Credit The Employee Retention Credit is available to employers of any size, including tax-exempt organizations. It also may be available to tribes, if they operate a trade or business. Self-employed people can’t receive the credit for their own earnings but may be able to claim the credit for wages paid to their employees. Federal agencies, state and local governments and businesses that receive Paycheck Protection Program loans don’t qualify. Eligible employers are defined as those who operate a trade or business and experienced one of these: Fully or partially suspended operations because of a government order due to COVID-19 A significant decline in gross receipts in a calendar quarter when compared to 2019 Deferral of employment tax deposits and payments Employers may defer the deposit and payment of their share of Social Security tax and certain Railroad Retirement taxes. However, employers who receive a Paycheck Protection Program loan can’t defer their share of Social Security tax due after the lender forgives their loan. More information: COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses COVID-19-Related Tax Credits: Determining the Amount of the Tax Credit for Qualified Sick Leave Wages FAQs COVID-19-Related Tax Credits: Determining the Amount of the Tax Credit for Qualified Family Leave Wages FAQs FAQs: Employee Retention Credit under the CARES Act Share this tip on social media -- #IRSTaxTip: Who qualifies for which new employer tax credit? https://go.usa.gov/xwZye

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Issue Number: COVID Tax Tip 2020-63 Employers can grant paid leave for COVID-19 Under the Families First Coronavirus Response Act, employers can grant paid leave for an employee to take care of their health needs related to COVID -19 or to care for their family members. This relief helps ensure employees are not forced to choose between being paid or staying home to care for themselves, a child or other family member.... In addition to the relief for employees, businesses can claim two new refundable payroll tax credits for granting paid leave to their employees. The paid sick leave credit and paid family leave credit are available for eligible employers who pay qualified sick leave wages and/or qualified family leave wages from April 1, 2020 through December 31, 2020, and who have fewer than 500 employees. The paid sick leave credit and the paid family leave credit will immediately and fully reimburse employers for the cost of providing COVID-19 related leave to their employees. Here is what employees need to know about paid leave under the CARES Act. Paid sick leave for workers An employer can allow a full-time employee up to 80 hours of paid sick leave. A part-time employee may be allowed paid sick leave for the number of hours the employee works over a two-week period, if the employee is unable to work or telework because they are: Subject to federal, state, or local quarantine or isolation orders related to COVID-19 Advised by a health care provider to self-quarantine due to COVID-19 Experiencing COVID-19 symptoms and are seeking a medical diagnosis Caring for a person subject to federal, state, or local quarantine orders related to COVID-19 or has been advised to self-quarantine Caring for a child whose school or place of care is closed or care provider is unavailable for reasons related to COVID-19 Experiencing any other substantially similar condition Employers pay the benefits at 100% of employee’s regular pay up to $511 per day and $5,110 in total for the care of employee’s own health. For the care of an employee’s family members, employers pay benefits at two-thirds of the employee’s regular pay up to $200 per day and $2,000 total. Paid family leave to care for child An employer can give up to 10 weeks of paid family leave at two-thirds their regular pay for up to $200 per day and $10,000 total if the employee is unable to work or telework because they’re caring for a child whose: School or place of care is closed due to COVID-19 Childcare provider is unavailable due to COVID-19 With two weeks of paid sick leave and 10 weeks of paid family leave combined, an employee could receive up to a total of 12 weeks up to $12,000 of paid leave to care for a child. More Information: Coronavirus Tax Relief Coronavirus Tax Relief for Individuals and Families Coronavirus Tax Relief for Businesses and Tax-Exempt Entities Share this tip on social media -- #IRSTaxTip: Employers can grant paid leave for COVID-19. https://go.usa.gov/xw327

What people really want to know about Economic Impact Payments IRS.gov has answers to many questions people may have about their Economic Impact Payment. Here are answers to some of the top questions people are asking about these payments. Is this payment considered taxable income?... No, the payment is not income and taxpayers will not owe tax on it. The payment will not reduce a taxpayer’s refund or increase the amount they owe when they file their 2020 tax return next year. A payment also will not affect income for purposes of determining eligibility for federal government assistance or benefit programs. Can people who receive a Form SSA-1099 or RRB-1099 use Get My Payment to check their payment status? Yes, they will be able to use Get My Payment to check the status of their payment after verifying their identity by answering the required security questions. If someone’s bank account information has changed since they filed their last tax return, can they update it using Get My Payment? To help protect against potential fraud, the tool also does not allow people to change direct deposit bank account information already on file with the IRS. If the IRS issues a direct deposit based on the account information that the taxpayer provided on their tax return and the bank information is now invalid or the account has been closed, the bank will reject the deposit. The agency will then mail payment as soon as possible to the address they have on file. Get My Payment will be updated to reflect the date a payment will be mailed. It will take up to 14 days to receive the payment, standard mailing time. Where can people get more information? Taxpayers who are required to file a tax return, can go to IRS Free File to file electronically. If they aren’t required to file, they should go to the Non-Filers: Enter Payment Info Here tool and submit their information to receive an Economic Impact Payment. For the complete lists of FAQs, visit the Economic Impact Payment and the Get My Payment tool pages on IRS.gov. The IRS updates these FAQs regularly. The IRS encourages people to share this information with family and friends. Share this tip on social media -- #IRSTaxTip: What people really want to know about Economic Impact Payments. https://go.usa.gov/xvst9

Issue Number: COVID Tax Tip 2020-53 COVID-19 paid leave tax credits for small and midsize businesses Small and midsize employers can claim two new refundable payroll tax credits. The paid sick leave credit and the paid family leave credit are designed to immediately and fully reimburse eligible employers for the cost of providing COVID-19 related leave to their employees.... Here are some key things to know about these credits. Coverage Employers receive 100% reimbursement for required paid leave. Health insurance costs are also included in the credit. Employers do not owe their share of social security tax on the paid leave and get a credit for their share of Medicare tax on the paid leave. Self-employed individuals receive an equivalent credit. Fast funds Reimbursement will be quick and easy. The credit provides a dollar-for-dollar tax offset against the employer’s payroll taxes The IRS will send any refunds owed as quickly as possible. To take immediate advantage of the paid leave credits, businesses should use funds they would otherwise pay to the IRS in payroll taxes. If those amounts are not enough to cover the cost of paid leave, employers can request an expedited advance from the IRS by submitting Form 7200, Advance Payment of Employer Credits Due to COVID-19. For details about these credits and other relief, visit Coronavirus Tax Relief on IRS.gov. Share this tip on social media -- #IRSTaxTip: COVID-19 paid leave tax credits for small and midsize businesses. https://go.usa.gov/xvGyC

Issue Number: COVID Tax Tip 2020-52 Taxpayers have until July 15 to file and pay their taxes The federal income tax filing deadline has been extended to July 15. Taxpayers also have until July 15 to make any federal income tax payments that were originally due on April 15, without penalties and interest, regardless of the amount they owe. This extension applies to all taxpayers.... There’s no need to file any additional forms to qualify for this automatic federal tax filing and payment relief. Taxpayers expecting a refund should file electronically. Many taxpayers used Free File last year. The benefits of filing electronically include: It's available online and can be done from home. Taxpayers can file using tax software from their home computer if they don't qualify for Free File. The bottom line is that filing electronically is much more convenient than filling out and mailing paper tax forms. It's safe and secure. Electronic filing is safe and secure. It uses modern encryption technology to protect tax returns. The IRS continues to work with states and tax industry leaders to protect tax returns from tax-related identity theft. This effort has helped put safeguards in place to make electronic tax filing a safe and secure option. It's accurate and easy. Filing electronically helps taxpayers file a complete and accurate tax return. Taxpayers who fil electronically will receive an acknowledgement from the IRS telling them their return is accepted. If a return is rejected, the acknowledgement says why the IRS rejected the tax return. File electronically for free. Free File is available for eligible taxpayers where they can use online software to file electronically for free. This program is available only on IRS.gov and is for taxpayers who earned less than $69,000 in 2019. Another option, Free File Fillable Forms, is available to all taxpayers regardless of income. People who file electronically get their refunds faster. When taxpayers file electronically and choose direct deposit for their refund, in most cases they can get their money in less than 21 days. If they mail a paper tax return, the refund can take six weeks or longer. Taxpayers who owe, should file by the due date, and pay as soon as possible. They can schedule their payment electronically online, by phone or using their mobile device and the IRS2Go app. It's always good to pay as much as possible to minimize interest and penalties. The IRS offers a variety of electronic payment options to help taxpayers schedule electronic payments. More information Coronavirus page Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax Share this tip on social media -- #IRSTaxTip: Taxpayers have until July 15 to file and pay their taxes. https://go.usa.gov/xvw2S