The IRS had extended the deadline from 15th April to 15th July for filing and paying taxes. The penalty & interest will not accrue between 15th April and 15th July.
This extended deadline has been further extended till 15th October 2020, for filing of returns only. Such extension is not automatic, one has to request for extension by filing form 4868 (for individuals) & form 7004 (for businesses). However, the taxes must have been paid before 15th July, otherwise interest and penalty will be levied for late payment.
Though most of the states have extended deadlines, date of filing and payment deadlines differs from state to state basis. One must check with state agencies for the deadlines.
For more information Contact Us.