COVID-19 Update: Beginning May 18, we will begin cautiously reopening Beaird Harris. Read More.
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Beaird Harris will be closed on Friday, July 3rd in observance of the Independence Day holiday.

Summary of Filing Deadlines & Extensions

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. 

Recent IRS guidance clarifies that the deadline to make a contribution to a Traditional IRA, Roth IRA, and Health Savings Account for the 2019 tax year is also extended until July 15, 2020.

At this time, there is no there is no automatic extension for federal gift tax returns and payments, which are due April 15, 2020. Taxpayers may apply for an extension to file Form 709, but the deadline is not automatically extended. Payment of any federal gift taxes for tax year 2019 is still due by April 15, 2020.

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.   

Resources:

Return to COVID-19 Response & Resources

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