IRS Announces More Tax Deadline Extensions

IRS Announces More Tax Deadline Extensions

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‘IRS extends more tax deadlines to cover individuals, trusts, estates, corporations, and others’

The IRS is continuing its efforts to help taxpayers suffering financially due to COVID-19. On April 9, 2020, the IRS announced Notice 2020-23 which extends additional tax deadlines for individuals and businesses.

“The extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. Individuals, trusts, estates, corporations and other non-corporate tax filers qualify for the extra time. This means that anyone, including Americans who live and work abroad, can now wait until July 15, 2020, to file their 2019 federal income tax return and pay any tax due.”

Overview of Tax Deadline and Payment Extensions

Individual and Business Filing Extension

  • Individual taxpayers who need additional time to file beyond the July 15, 2020, deadline can request an extension to Oct. 15, 2020, by filing Form 4868 with their tax professional.
  • Businesses who need additional time must file Form 7004. An extension to file is not an extension to pay any taxes owed.
  • Taxpayers requesting additional time to file should estimate their tax liability and pay any taxes owed by the July 15, 2020, deadline to avoid additional interest and penalties.

Estimated Tax Payments

  • Besides the April 15 estimated tax payment previously extended, the Notice also extends relief to estimated tax payments due June 15, 2020.
    • Any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020, and before July 15, 2020, can wait until July 15, 2020, to make that payment, without penalty.

A full list of the tax extensions and due dates, can be found on the IRS website.

PLEASE NOTE: We understand that Virginia would need to pass legislation to make any further changes to Virginia due dates and such legislation is unlikely at this time.

If you have questions about how these changes impact your unique individual or business tax situation, please contact your Keiter advisor. We are here to listen and provide sound advice.

COVID-19 Business Resource Library

Source

Internal Revenue Service


About the Author

Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

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The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.

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