The IRS had previously extended the federal income tax filing and payment deadlines for tax year 2019 to July 15, 2020. The most recent notice expands the relief to include the following for individuals, trusts, estates, and corporations:
- Estimated tax payments – Payments due April 15, 2020 have already been extended, however the IRS also extended relief to estimated tax payments due June 15, 2020. Individuals and corporations that have quarterly estimated tax payments due on or after April 1, 2020 and before July 15, 2020 can wait to pay until July 15, 2020 without any penalty.
- 2016 unclaimed refunds – The extension for an unclaimed refund for 2016 tax returns has been extended to July 15, 2020. If unclaimed within the three year window
- Entities with filing deadlines later than April 1, 2020 but before July 15, 2020 – As a result, the extensions generally apply to all taxpayers that have a deadline during these dates. This includes tax-exempt organizations filing Forms 990 (EZ, PF, BL, N, T.)
If you have any questions about whether or not you or your business qualify for these extensions or any other CARES Act relief, we encourage you to speak with your tax advisor. If you do not have an advisor and need assistance with your tax preparation or planning, Anglin’s Tax Advisory Services team can help.
Stay up-to-date on business and tax impacts of this pandemic through our Coronavirus Resource page where we have compiled updates and resources.