The Federal tax deadline is extended ... now what?
On March 21, 2020, the IRS announced an automatic extension of the April 15, 2020, deadline for 2019 income tax returns and payments to July 15, 2020.
What does this mean for us?
If you are planning on filing your 2019 tax return between now and July 15, 2020, there is nothing for you to do. This extension is automatic and does not need to be applied for or requested.
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Let's put this in a nutshell (allergy-free, of course) ...
What has been extended from April 15, 2020, to July 15, 2020?
2019 Income tax returns -- Any 2019 income tax forms that had a due date of April 15, 2020, now have an extended due date of July 15, 2020.
Taxes owed on 2019 income tax returns
Estimated tax payments -- If you are required to pay estimated tax payments for 2020, you have until July 15, 2020, to start making those payments without penalty.
2019 IRA contributions
2019 HSA contributions
What is NOT included in this extension:
Payroll tax reports and payments - while there has been talk of some relief on payroll taxes, this is not included in the extension
Business tax forms that were due on March 16, 2020, have not been extended.
Other types of tax forms: information returns, gift tax returns, estate tax returns
All State tax forms will still be due on the original due date unless your State has granted its own extension. A safe link to find your State's website
What if I can't file by July 15, 2020?
If you want to file after July 15, 2020, you will need to file an extension. Form 4868 will need to be filed prior to July 15, 2020, and will extend your tax filing to October 15, 2020. However, this additional extension only extends the time to file the forms -- all taxes owed with your 2019 income tax return must still be paid by July 15, 2020, to avoid late payment penalties and interest charges.
Here are some IRS links if you want to see for yourself:
Filing and Payment Deadlines Questions and Answers
If you still have questions, please Contact Us