Our previous blog post discussed April 15 extensions after IRS issued Notice 2020-17. These relief provisions were expanded upon in IRS Notice 2020-18. This notice again formally extends the 2019 tax season filing deadline until July 15, 2020. This applies to all taxpayers with a due date of April 15. The return itself, and any payment due, are automatically extended.
In addition, the 1st 2020 estimated payment, also due April 15, is likewise extended until July 15.
Interestingly, at the moment, the June 15 estimated payment is still due June 15.
If you need time beyond July 15, we can prepare an extension until the normal extended deadline of October 15. However, any taxes not paid by July 15 will begin accruing penalties and interest.
If you have already filed your 2019 return, you can still wait until July 15 to pay the taxes with no penalties or interest.
This extension of time also extends the time to fund an IRA or HSA contribution for 2019. You now have until July 15 to fund a contribution and still have it affect the 2019 return.
While clients in Florida don’t have to worry about whether states are extending deadlines or not, this may be a concern for clients in other states. The AICPA is tracking and updating state responses, and their up to date list can be found here.