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
