By Peter Reiss
Extended Tax Deadlines Under the Coronavirus Emergency
In response to the COVID-19 emergency, IRS has extended certain tax filing and payment deadlines.
The due date for filing 2019 individual (Form 1040) tax returns has been extended from April 15, 2020 to July 15, 2020. The extension is automatic; you don’t need to apply for it. You may also defer to July 15 federal income tax payments due on April 15 (up to $1 million for individual returns and $10 million for corporate returns). This deferral applies to all taxpayers – individuals, corporations, trusts and estates and those paying self-employment tax.
The due date for quarterly estimated personal income tax payments due April 15 has also been extended to July 15. As of this writing, though, the due date for estimated payments due June 15 has not been extended.
No interest will be charged, and no penalties will be applied, on returns filed or payments made by the July 15 deadline.
Individuals needing additional time to file beyond the July 15 deadline may request a filing extension by filing IRS Form 4868 on or before July 15. Corporations, trusts or estates may request a filing extension by filing Form 7004. Filing these forms does not excuse or extend the payment deadline, however, and payments made after the July 15 date remain subject to interest and late payment penalties.
The April 15 due date for filing United States Gift Tax returns on Form 709, as far as we can determine at this time, has not been extended. Taxpayers who need more time to file Gift Tax returns must request an extension of time, to October 15, by filing Form 8892.
This article is not legal advice and is provided for informational purposes only. Actual legal advice can only be provided after consultation by an attorney licensed in your jurisdiction.