To further assist taxpayers, the Department of Treasury and the Internal Revenue Service recently announced additional tax extensions for key tax deadlines for individuals and businesses.
A previous announcement extended the federal tax income deadline from April 15, 2020 to July 15, 2020 with no late-filing penalty, late-payment penalty or interest.
Additional Tax Extensions
This most recent announcement expands the tax relief to additional returns, tax payments and other actions. As a result, the extensions generally now apply to all taxpayers who 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. 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.
Estimated Tax Payments
Besides the April 15, 2020 estimated tax payment previously extended, this 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 to make that payment, without penalty.
These are the most recent changes that are occurring due to the unique times in which we are living, and they can be confusing. If you have questions or would like to further discuss, please call Perry Barnett, CPA, at (770) 287-7800 or email email@example.com.