U.S. Postpones Return Filing & Payment Deadline 90 Days in Response to COVID-19
The U.S. Treasury announced that the return filing and payment deadline for the 2019 tax year has been postponed from April 15, 2020 to July 15, 2020. This gives Americans another 90 days to file returns & pay their 2019 income, 1st quarter 2020 estimated income tax, and gift/generation skipping tax. This announcement was made in response to the sudden economic shifts that have resulted from the (COVID-19) Coronavirus outbreak.
The announced changes include:
- The IRS, using President Trump’s national-emergency declaration, has stated that they will waive interest and penalties for the period from April 15, 2020 through July 15, 2020.
- The delay allows for relief with no limitation on the amount of payment that may be postponed. Affected taxpayers do not have to file Forms 4868, 7004, or 8892 to extend tax returns.
- The relief provided to individual federal income taxpayers includes those making payments for self-employment tax and all entities other than C-Corporations, such as trusts or estates.
- The interest, penalties and additions to tax with respect to such delayed payments will start to accrue only after July 16, 2020.
This chart produced by the AICPA details specific states’ tax filing guidance in response to the Coronavirus outbreak. As more information comes out regarding states or further federal guidance, we will continue to advise our clients and ensure that your returns are in compliance with the IRS. Our team will continue to adhere to the same personalized and professional service that we have provided to our clients for over 35 years.
With the news around Coronavirus rapidly changing, we will continue to aid our clients in their preferred method of communication, with regards to how their current tax situation has been impacted. With our communications, we aim to gain a strong understanding of whether your business, office or organization qualifies for any type of hardships or new developments.
If there are any questions or concerns, please make sure to contact CCA to ensure that we achieve the level of service and care that you trust us to provide.