Here we go for a third time! The IRS issued News Release (IR-2020-58) with the following:
- The 2019 federal income tax filing due date is automatically extended until July 15, 2020.
- It applies to both a 2019 tax balance due and first quarter 2020 estimated tax payment (if applicable).
- There is no limit on the amount of tax that can be deferred, as there was in a prior Notice.
- No extension is required. If you want an extension beyond July 15, then a form must be filed.
- Nothing needs to be done to take advantage of this benefit. The IRS will consider this in calculating any interest or penalty.
- Note: The second quarter 2020 estimated tax payment due June 15, 2020 was not specifically addressed. It is possible that this too will be extended under the same policy, which would result in both first and second quarter estimated tax payments due on July 15, 2020.
“Treasury and IRS will issue additional guidance as needed and continue working with Congress, on a bipartisan basis, on legislation to provide further relief to the American people.”
So, stay tuned and we will continue to alert you to these changes as they unfold. If you have any questions about your own filing requirements and how these announcements might impact your due dates and payments, please contact any team member from Moore Doeren Mayhew.