Last month the IRS was kind enough to say hey you don’t have to deal with us during a global pandemic and extended the filing AND paying deadlines of 1040s from April 15, 2020 to July 15, 2020. This also extended the 1040’s first quarter estimated tax payment from April 15, 2020 to July 15, 2020. Added bonus: July 15, 2020 is also the extended date to contribute to your 401Ks, IRAs, and HSAs too.
And they’ve been busy ever since. Now, everyone who has to file or pay between April 1, 2020 and July 15, 2020 is extended through July, 15, 2020: Individuals, corporations, trusts, estates, and certain other noncorporate filers. No failure to file penalty. No interest. No other penalty. All the relief is automatic – meaning we don’t have to do anything to get it.
Keep in mind: Taxpayer Assistance Centers are temporarily closed. Some call centers and return processing centers are also closed in response to COVID-19. And paper returns are not being processed – this includes Form 1040-X (Amended); Form 8379 (Injured Spouse); 1040-NR (Returns from individuals living or working outside the US); some prior year returns; and, there’s a handful of less common forms that cannot be e-filed rendering the respective return unable to be e-filed.
Individual (1040) Estimated taxes: Extended TO July 15, 2020 FM June 15, 2020.
Unclaimed 2016 refunds: Deadline for filing a 2016 tax return to claim a refund. Extended TO July 15, 2020 FM April 15, 2020. (The return must be postmarked by July 15).
American citizens living abroad: 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.
Installment payments under Sec. 965(h): Installment payments of the Sec. 965 transition tax due on or after April 1, 2020, and before July 15, 2020, are postponed to July 15, 2020.
Specified forms: Federal tax forms and payments covered by the relief include:
• Individual income tax payments and return filings on Form 1040, U.S. Individual Income Tax Return, and other forms in the 1040 series;
• Calendar year or fiscal year corporate income tax payments and return filings on Form 1120, U.S. Corporation Income Tax Return, and other forms in the 1120 series;
• Calendar year or fiscal year partnership return filings on Form 1065, U.S. Return of Partnership Income, and Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return;
• Exempt organization business income tax and other payments and return filings on Form 990-T, Exempt Organization Business Income Tax Return (and Proxy Tax Under Section 6033(e));
• Estate and trust income tax payments and return filings on Form 1041, U.S. Income Tax Return for Estates and Trusts, and other forms in the 1041 series;
• Estate and generation-skipping transfer tax payments and return filings on Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, and other forms in the 706 series;
• Form 8971, Information Regarding Beneficiaries Acquiring Property from a Decedent, and any supplemental Form 8971;
• Gift and generation-skipping transfer tax payments and return filings on Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, that are due on the date an estate is required to file Form 706 or Form 706-NA;
• Estate tax payments of principal or interest due as a result of an election made under Secs. 6166, 6161, or 6163 and annual recertification requirements under Sec. 6166; and last but not least,
• Excise tax payments on investment income and return filings on Form 990-PF, Return of Private Foundation or Section 4947(a)(1) Trust Treated as Private Foundation, and excise tax payments and return filings on Form 4720, Return of Certain Excise Taxes under Chapters 41 and 42 of the Internal Revenue Code.
AND any schedules, returns, and other forms that must be attached to the returns that are automatically extended are ALSO included in the automatic extension.
July 15, 2020 is the new last day of the 2020 tax season. So, if you need to extend – File Form 4868 by July 15 to request an automatic extension until October 15, 2020.
We are here to guide you through this process and anything else to help you get through COVID-19. Email [email protected]. Please put COVID-19 in the subject line. Or call us at 727-327-1999.
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Stay safe. Stay strong!
COVID-19 Disclaimer. Laws and regulations have quickly changed and will continue to change in order to mitigate the economic damage caused by the Coronavirus Crisis. New laws and regulations are being passed quicker than the legislative process has taken in the past. Guidance, clarifications, and interpretations are constantly evolving. Deadlines and due dates are being extended and re-extended. New relief and programs are constantly rising up. This is occurring on all levels: Federal, State, and Local. Please keep all this in mind.
