The IRS has issued a notice delaying the deadline for filing 2019 Federal income tax returns and making income tax payments, originally due April 15, 2020, until July 15, 2020.
You can find a Q&A provided by the IRS at irs.gov, but here are some highlights:
Do I need to file an extension to delay filing my tax return until July 15th?
No, the tax return filing and payment deadline is automatically postponed to July 15, 2020. You are not required to file an extension (Forms 4868 or 7004).
Who is eligible for relief?
Any person with a Federal income tax return or payment due on April 15, 2020, is eligible for relief. “Person” includes any type of taxpayer, such as an individual, a trust, an estate, a corporation or any type of unincorporated business entity. The payment due refers to both 2019 Federal income tax payments (including payments of tax on self-employment income) and 2020 estimated Federal income tax payments (including payments of tax on self-employment income), regardless of the amount owed. The return or payment must be due on April 15, 2020 – this relief does not apply to Federal income tax returns and payments due on any other date.
What do I need to do if I have not filed my tax return yet, but expect to file by July 15th?
Nothing, except file and pay any tax due with your return by July 15. You don’t need to file any additional forms or call the IRS to qualify for this automatic Federal tax filing and payment relief. If you expect a refund, you are encouraged to file your return as soon as you can so that you can receive your refund. Filing electronically with direct deposit is the quickest way to get refunds.
What if I cannot file my tax return by July 15th?
If you are an individual, you can request an automatic extension to file your return by filing Form 4868. Businesses, including trusts, must file Form 7004.
You must request the automatic extension by July 15, 2020. If you properly estimate your 2019 tax liability using the information available to you and file an extension form by July 15, 2020, your tax return will be due on October 15, 2020. To avoid interest and penalties when filing your tax return after July 15, 2020, pay the tax you estimate as due with your extension request.
Have second quarter estimated tax payments due June 15th been postponed?
No, second quarter 2020 estimated income tax payments are still due on June 15, 2020. First quarter 2020 estimated income tax payments are postponed from April 15 to July 15, 2020.
What about my state income tax return and payments?
States have begun to follow suit extending their filing and payment deadlines, but each state is different. Consult your tax advisor for additional information on how your state is responding.
Does this relief allow more time to contribute to my IRA for 2019?
Yes. Contributions can be made to your IRA, for a particular year, at any time during the year or by the due date for filing your return for that year. Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to your IRA for 2019 is also extended to July 15, 2020.
Does this relief provide me more time to contribute money to my HSA or Archer MSA for 2019?
Because the due date for filing Federal income tax returns is now July 15, 2020, under this relief, you may make contributions to your HSA or Archer MSA for 2019 at any time up to July 15, 2020.
Can employers make contributions to their qualified retirement plans on account of 2019 until July 15th as a result of this relief?
Yes, if an employer has an April 15, 2020 due date for filing its tax return, then the grace period for the employer to make contributions to its workplace-based retirement plan, that are treated as made on account of 2019, ends on July 15, 2020.
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