Tax Day is Postponed to High Summer

This was announced on Saturday March 21. 

1. Filing deadline extended to July 15, 2020.  No need to file Form 4868 or 7004.

This applies to all tax returns due on April 15, 2020.  For example: 

• Form 1040, 1120, estate, or trust, etc.

Please read and share:

• Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed
• Notice 2020-18

What is NOT extended:

• This does not apply to 1065 and 1120-S returns that were due on 3-16-2020. Those needed to be filed or extended.
• Form 941 (employment tax) is still due on 4-30-2020.
• W-2’s, 1099’s, 1095’s, etc:  “No extension is provided in this notice for the filing of any Federal information return.”
• Each state is making their own decision. The IRS urges taxpayers to check with their state tax agencies for those details. More information is available at https://www.taxadmin.org/state-tax-agencies

2. Payment deadline extended to July 15, 2020 with no limitation on amount

Which payments?

• Form 1040 for 2019 balance due payments normally due on 4-15-2020 are now due on 7-15-2020.
• Form 1040 estimated tax payments for 2020 normally due on 4-15-2020 are now due on 7-15-2020.
• 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.

What is NOT extended:

• Form 1040 Estimated tax payment due on 6-15-2020. Those payments are still due on 6-15-2020.
• “No extension is provided in this notice for the payment or deposit of any other type of Federal tax.”  As far as I can tell, that means FTD’s for employment tax returns need to be made on time, even the FTD due on 4-15-2020.  This deferment applies to income tax payments, not employment tax payments.

3. Questions that are not addressed in this notice:

• As far as I know, the deadline to contribute to an IRA or HSA (Health Savings Account) for 2019 has NOT been extended.  The deadline is still April 15, 2020.

Please continue to check the Coronavirus Tax Relief page.