While the market continues its unsettled and very unsettling behavior, other developments from Federal and State governments are springing into action to help the current situation. Below is some information I received from our CPA this morning. It is good news. Please confirm this information with your CPA, especially since various states are likely to be adjusting their own tax deadlines as well.
If you have questions or would like to chat, please let me know.
Best to you all!
Changing Tax Deadlines
Last week, The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date is automatically extended from April 15, 2020 to July 15, 2020.
PAYMENTS DUE
As part of the relief, taxpayers can also defer federal income tax payments due April 15, 2020 to July 15, 2020 without penalties and interest, regardless of the amount owed. 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.
STEPS TO TAKE
Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief.
The automatic extension does not apply to any other type of federal tax or “information” type returns, such as gift returns. If you are expected to file such a return by April 15, 2020, an extension would be required to be filed.
Original Date New Filing Date New Pymt Date Federal Individuals, Form 1040 April 15, 2020 July 15, 2020 July 15, 2020 Sole Proprietors, Form 1040 April 15, 2020 July 15, 2020 July 15, 2020 Corporations, Form 1120 April 15, 2020 July 15, 2020 July 15, 2020 Trusts, Form 1041 April 15, 2020 July 15, 2020 July 15, 2020 1st Quarter 2020 Estimates April 15, 2020 July 15, 2020 July 15, 2020 2nd Quarter 2020 Estimates June 15, 2020 not affected not affected 3rd Quarter 2020 Estimates September 15, 2020 not affected not affected 4th Quarter 2020 Estimates January 15, 2021 not affected not affected FBAR, Form 114 April 15, 2020 October 15, 2020 n/a Gift tax return, Form 709 April 15, 2020 not affected not affected
