IRS Extends Even More Tax Deadlines

As you know, the April 15 deadline for 2019 federal individual, c-corporations, self-employment tax returns and first quarter estimated payments has been deferred 90 days until July 15, 2020.

Yesterday the IRS released guidance that extends all tax returns and tax payments originally due on or after April 1, 2020 but before July 15, 2020 until July 15, 2020.

This applies to the following:

Estimated Tax Payments

Originally, only 2020 first quarter estimated payments were extended until July 15, and second quarter remained due June 15. Now, 2020 second quarter estimated payments can also be made by the new July 15 deadline without interest or penalty.
 

Expansion of Applicable Taxpayers

The new guidance broadens the coverage of the July 15 deadline to generally all taxpayers: Individuals, trusts, estates, corporations and other non-corporate tax filers. This includes Americans who live and work abroad, who can now wait until July 15 to file and pay their 2019 federal income taxes.
 

Unclaimed Refunds for 2016 Returns

Taxpayers now have until July 15, 2020 to file their 2016 tax returns if they are still due a refund. Tax refunds must be claimed within a three-year window before the funds become property of the U.S. Treasury.
 

Need an Extension?

The July 15 extension for both filing and payment is automatic for all taxpayers. If you still require more time to file, you can apply for an extension until October 15, 2020. Note: this is an extension of time to file, not time to pay.

• Federal Extension Application – Form 4868
• State of New Jersey Extension Application – Form NJ-630
• Pennsylvania Department of Revenue Extension Application – Form REV-276

Limited IRS Services

Due to COVID-19 precautions, many IRS offices, face-to-face services, and IRS live telephone assistance are suspended or limited at this time. You can visit IRS.gov for assistance or turn to your CPA.
 

New Jersey Status

On April 1, Governor Murphy announced that the state tax deadline would also be moved to July 15. Click here for final state guidance.
 

Contact us

If you have questions on the IRS guidance or any tax planning issue, don’t hesitate to reach out to your Alloy Silverstein CPA by phone or email.
 
 
See Also: IRS Publishes Q&A on July 15 Tax Deadline →