Estimated Tax Payments

1Q Estimated Tax Payments Previously Due By April 15, 2020 Now Due by July 15, 2020

As reported in the Beaird Harris COVID-19 Resource Center, Summary of Filling Deadlines & Extensions for Individuals, the IRS has extended the deadline to make first quarter estimated tax payments for 2020 from April 15, 2020 to July 15, 2020.

For individuals who have already filed their taxes and owe, nothing needs to be done to avoid interest and penalties beyond making a payment by July 15, 2020. If you have already scheduled a payment to be made on April 15, 2020, it is important to note that there will not be an automatic rescheduling delay of that payment to July 15, 2020. In order to change that payment date you will need to do the following:

• If you scheduled a payment through IRS Direct Pay, use the confirmation number you received in your email confirmation to access the “Look Up a Payment” feature. From here you will be able to modify your scheduled payment.
• If you scheduled a payment through the Electronic Federal Tax Payment System, log into the system, click cancel a tax payment from the menu and follow the instructions.
• If you scheduled a payment as part of your tax return via ACH (this is the way that will apply to the vast majority of individuals), you can change your payment by calling the U.S. Treasury Financial Agent at 888-353-4537.
• If you scheduled a payment by credit or debit card, call your card processor and cancel the payment with them.

If you would like to stay on the normal schedule, there are three ways to make these payments before April 15th:

There are three ways to make these payments:

1. If you are enrolled with the IRS to make your payment electronically via EFTPS, you can do so on the IRS website. This is the best and most secure way to make your payment, and the IRS will track all payments made on your account.
2. Use the IRS Direct Pay website to make a one-time payment, with no preregistration needed. This option is called “direct pay.”  It is a good way to make a payment while waiting for the IRS approval process to create your own dedicated EFTPS account.
3. If you want to mail a check with your 1040-ES voucher, please make your check payable to “United States Treasury” and list your social security number and tax year in the memo line of your check. Mail your check and 1040-ES voucher to the address below:

Internal Revenue Service
PO Box 1300
Charlotte, NC 28201-1300

Should you have any questions regarding how to make your estimated tax payments, please don’t hesitate to give us a call at 972-503-1040.