In the third such notice, the Treasury Department and IRS have extended additional key filing and payment deadlines for individuals and businesses, requiring no taxpayer action to implement.
This latest IRS relief applies to many returns not previously included, tax payments and other actions. 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 to file their 2019 federal income tax return and pay any tax due.
It should be emphasized that this new relief also postpones exempt organization filing and payment dates for either original or extended forms and payments due on or after April 1, 2020 and before July 15, 2020, until July 15, 2020. The relief applies to forms including 990, 990-EZ, 990-PF, 990-T, 990-W, 1120-POL and 4720.
Individual taxpayers who need additional time to file beyond the July 15 deadline can request an extension to Oct. 15, 2020, by filing Form 4868. 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. Applicable exempt organization extensions beyond July 15, 2020 can be requested using Form 8868.
Besides the April 15 estimated tax payment deadline previously extended, the IRS has also extended relief to estimated tax payments due June 15, 2020. This means that 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 to make that payment, without penalty.
If you have questions regarding tax filings, payments or other actions required by these new updates, please contact a member of the Firm’s Tax Section.
Bruce L. Olson is a member of the firm’s Tax Planning and Tax Controversies practice group. He advises taxpayers concerning their rights and duties under Utah state law and represents their interests before administrative tribunals and in court. His counsel extends to both profit and nonprofit entities and includes all types of state and local taxes.