The economic downturn and public health crisis has hit as many firms and individuals are completing tax returns for the 2019 tax year.
The IRS has extended the income tax filing and payment deadlines for all taxpayers who originally were required to file and pay their Federal income taxes on April 15, 2020. The 2019 deadline is now July 15, 2020. The relief is automatic. No additional forms are required.
Interest and penalties will begin accruing on unpaid balances after July 15, 2020.
If additional time is needed beyond the July 15, 2020 deadline, an extension of time (not an extension of payment) can be requested.
The relief only applies to the Federal returns, not state returns. Taxpayers are encouraged to check with their respective states for additional time to file.
The first quarter estimated tax payment for 2020 has been pushed back to July 15, 2020, but as of now, the second quarter estimated payment is due June 15, 2020. We expect the second quarter payment to change, but the IRS has not issued any notices confirming that at this time.