IRS Extends More Tax Deadlines to July 15
With shifting deadlines for filing and paying taxes, things can get confusing. 415 Group Supervisor Evan Hudson, CPA, explains the changes that have happened in light of the coronavirus pandemic.
“Tax Day”, as we all know it, has been automatically extended from April 15 to July 15, 2020. The IRS has provided this much needed relief to all taxpayers, including individuals, trusts and estates, corporations, and other non-corporate tax filers.
This means you will now have until July 15 to file and pay your 2019 taxes. No forms need to be filed to receive this extension. If you find that you will not be able to complete your taxes by July 15, you can request an extension of time to file (but not pay) your taxes until October 15.
While no action is required until July 15, everyone’s situation is different. We recommend reaching out to your tax advisor to see how these changes impact you. If you are anticipating a refund, you will likely want to file as soon as you are able to, since a refund would help many taxpayers right now.
Some other areas where you may want to reach out to your tax advisor for guidance include:
- 2020 Estimated Tax Payments: The relief also includes an extension of time to pay some of your 2020 estimated taxes without being subject to penalty or interest. Taxpayers will now have until July 15 to pay their 2020 Q1 and Q2 estimated tax payments. These payments otherwise would have been due on the 15th of April and June, respectively. If you will be filing an extension of time until October 15 to file your 2019 taxes, consider including your 2020 Q1 and Q2 estimated tax payments with your 2019 extension tax payment. Any overpayment of 2019 tax can be credited to 2020 when your 2019 tax return is filed. Additional payments can serve as a cushion against any unexpected changes to income for 2019.
- State and Local Filings: While most states (including Ohio) have extended their due dates for filing and paying taxes, you will want to make sure that none of these due dates fall through the cracks.
The everchanging landscape of the tax world is all the more reason to be in contact with your trusted tax advisor. At 415 Group, we’re always available if you have any questions or concerns. Reach out today.