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Federal Tax Deadline: IRS Offers Answers

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The IRS has issued a Q&A for federal tax filing and payment deadline extensions in response to the COVID-19 national emergency.

We’ve boiled the Q&A down to what you need to know:

Tax Filing

  • All taxpayers, including individuals and entities, have been granted an automatic deadline extension for filing federal income tax returns and associated payments due on April 15, 2020, until July 15, 2020
  • The extension applies to federal income tax returns regardless of whether the April 15 due date is the original or extended due date
  • The tax deadline extension does not apply to returns or payments due on any other due date
  • The tax deadline extension includes self-employment tax
  • The extension does not apply to other tax types, including but not limited to:
    • Payroll returns and deposits
    • Excise taxes
    • Estate and Gift taxes
  • There is no limit on the amount of tax that may be deferred
  • Underpayment penalty will still apply to Q1 through Q3 2019 estimated payments if they were underpaid or not timely paid
  • You do not need to be sick or otherwise affected to be eligible for the tax deadline extension

Tax Payments

  • If you have already filed your return but not yet made a payment, that payment is automatically extended until July 15, 2020
  • If you have scheduled a payment through the IRS to be made on April 15, 2020, it will still be made unless you take the following action:
    • If you scheduled a payment through IRS Direct Pay, you can use your confirmation number from the payment to access the Look Up a Payment feature. You can modify or cancel a scheduled payment until two business days before the payment date. The email notification you received when you scheduled the payment will contain the confirmation number.
    • If you scheduled a payment through Electronic Federal Tax Payment System (EFTPS), click on Payments from the EFTPS home page, login, then click Cancel a Tax Payment from the left menu and follow the instructions. You must do so at least two business days before the scheduled payment date.
    • If you scheduled a payment as part of filing your tax return (authorizing an electronic funds withdrawal), you may revoke (cancel) your payment by contacting the U.S. Treasury Financial Agent at 888-353-4537. You must call to make a payment cancellation request no later than 11:59 p.m. ET two business days prior to the scheduled payment date.
    • If you scheduled a payment by credit card or debit card, contact the card processor to cancel the card payment.

State Tax Returns

  • This relief does not apply to state income tax payments. State filing and payment deadlines vary and are not always the same as the Federal filing and payment deadline. We urge you to check for the latest updates to state filing and payment deadlines at the AICPA State Filing Guidance for Coronavirus Pandemic chart

Other Items

  • IRA contribution deadline is extended until July 15, 2020
  • HSA and Archer MSA contribution may be made through July 15, 2020
  • Employer grace period for contributions to their qualified retirement plans for 2019 is extended to July 15, 2020
  • Statute of limitations for prior periods is not extended as a result of this extension

Send Us Your Questions

These are challenging times for our world, nation, and business community.

We at Delap want to know: What questions do you have? Ask us your questions related to COVID-19 and your business, taxes, or other topics, and we’ll do our best to answer them on our blog in the near future.

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