Tax Insights

Your Guide to State, Local, Federal, Estate + International Taxation

IRS extending more tax deadlines to cover individuals, trusts, estates corporations and others

The IRS is extending the list of deadlines pushed back due to COVID-19. The April 15 tax filing deadline had already been pushed back to July 15. Now with Notice 2020-23, deadlines covering individuals, trusts, estates, corporations, and more are being delayed. The additions effectively delay all filing and payment deadlines normally due before July 15, 2020.

Don’t miss: Paycheck protection program webinar

Individual taxpayers who cannot meet the July 15 deadline can request an extension to Oct. 15, 2020 with Form 4868. Businesses can use Form 7004 to request an extension. An extension to file does not extend the time to pay taxes owed though. Estimate your liability and make payment by 15, 2020 to avoid interest and penalties.

Speaking of estimated tax payments, individual or corporation quarterly estimated tax payment due on June 15 are now due July 15, 2020 without penalty.

Don’t Miss: Refundable tax ideas to get you through the COVID-19 pandemic

Normally, you have three years to claim a refund on a previous tax return. The deadline to claim refunds for your 2016 tax return would have expired on April 15, but the deadline for that too has been pushed to July 15, 2020.

For more information and resources on COVID-19, see our coronavirus page.

We understand that with the IRS extending many deadlines, it may get confusing when you have to pay what. As always, we are here to help. Feel free to contact your Henry+Horne tax adviser with any questions.

Beth Hawley