Last week, the U.S. Treasury Department extended deadlines for Federal tax filing and payment, in response to the COVID-19 health crisis: Individuals, corporations, partnerships, trusts or estates with a 2019 Federal income tax return due April 15 may defer until July 15 of this year. An estimated quarter 2020 income tax payment (including payment of self-employment tax) is also now due no later than July 15, 2020. Fortunately, there is not a need to file for this special extension; time to file and pay taxes until July 15, 2020 is automatic and there is no required form. However, bear in mind that assessment of penalties and interest not paid by the new deadline will begin July 16, 2020.
On March 24, the IRS published additional guidance for the extended deadlines, addressing key issues in a friendly Q&A format.
Please contact your tax manager to revise your tax plan, or for more information.
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