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Summary of Filing Deadlines & Extensions

Updated April 1, 2020

(April 1, 2020)  

In response to the COVID-19 pandemic, Texas has extended the deadline for filing 2020 franchise tax reports, normally due by May 15, to July 15, 2020. 
The extension is automatic, and taxpayers do not need to file any additional forms. If needed, taxpayers can request an additional extension, which would extend the deadline to August 15, 2020 for EFT Taxpayers or January 15, 2021 for non-EFT Taxpayers.  

EFT Taxpayers

Certain taxpayers are required to remit their tax payment via electronic fund transfer, EFT taxpayers.  EFT taxpayers who need additional time to file post July 15, 2020 will need to pay 90% of their tax with the initial extension request. This extension would further extend the filing deadline to August 15, 2020. On, or before, August 15,2020, taxpayers may file a second extension request, which would further extend the filing deadline to January 15, 2021. However, taxpayers must remit the remaining 10% of their tax with the August 15, 2020 extension request.  Any payments made after August 15, 2020 are subject to interest and penalties.

Non-EFT Taxpayers

Non-EFT taxpayers who cannot file by July 15, 2020 may file an extension request and pay 90% of the current tax (or 100% of the tax reported for the prior year) with the extension request. A second extension is not required, the filing deadline will be January 15, 2021.  Interest and penalties will apply to any of the 90% of tax not paid by July 15, 2020 and to any remaining tax not paid by January 15, 2021.

(March 24, 2020) 

IRS Notice 2020-18 provided immediate relief to taxpayers in regards to making tax payments AND the due date for filing returns due to COVID-19. 

Key Considerations Regarding IRS Notice 2020-18:

Any person (individual, trust, estate, partnership, association, company or corporation), with a federal income tax payment or a federal income tax return due April 15, 2020 is considered affected by the COVID-19 pandemic, and is an Affected Taxpayer.

  • For an Affected Taxpayer, the due date for filing federal income tax returns and making federal income and self-employment tax payments due April 15, 2020, is automatically postponed to July 15, 2020, without the need to file extensions (Forms 4868 or 7004) and without regard to the amount of the payment that is being postponed.
  • The period beginning April 15, 2020 and ending on July 15, 2020 will be disregarded in the calculation of any interest, penalty or addition to tax. Interest, penalties, and additions to tax with respect to such postponed federal income tax filings and payments will begin to accrue on July 16, 2020.
  • No extension is provided for the payment or deposit of any other type of federal tax, or for the filing of any federal information return.

Other Considerations 

  • This notice does not address or extend the due date for second quarter 2020 estimated tax payments due June 15, 2020, unless further subsequent relief is granted.
  • Many states and local municipalities are simultaneously providing, or have already provided, their own relief.
  • At this time, the Texas franchise tax deadline has not been extended.  The Texas Comptroller’s office issued a statement regarding state income tax returns and payments saying, “This is a complex and rapidly evolving situation. Many of our fellow Texans are facing devastating economic conditions as bars, restaurants, retail outlets and other businesses make difficult staffing decisions. The economic impacts are currently the most visible, but a more pressing concern is simmering behind the economic concerns…As part of that pulling together, I ask businesses to remit the taxes they collected from Texans by the established due date. We will examine each tax due date as it approaches, and I will keep lawmakers and all stakeholders informed as the agency evaluates rapidly changing conditions.”

Resources:

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