Get the full list of filing, payment and contribution deadlines from CWA’s Tax Director
Due to the COVID-19 crisis the IRS has either extended or postponed most tax deadlines. On March 21, 2020 U.S. Treasury Secretary Steven Mnuchin announced that Tax Day, the deadline for individual returns for the 2019 tax year, is postponed from April 15 to July 15, 2020. We covered that update in a previous blog.
Since then, the IRS has issued IRS Notice 2020-18, IRS Notice 2020-20 and IRS Notice 2020-23 detailing more deadlines that have been extended. CWA Tax Director Kristina Yarbrough offers her list of 9 deadlines taxpayers now need to be aware of:
- Both the filing and payment of federal income tax returns that were previously due April 15, 2020, have been extended to July 15, 2020. This relief is for 1040 (individual and personal tax returns), 1120 (C-corporation), 1120-S (S-Corporation), 709 (Gift or Generation-skipping Transfer), 706 (Estate and Generation-skipping Transfer), 1041 (Trust), as well as Form 990-T (Exempt Organization Business) tax returns.
- The notice postpones the calendar year or fiscal year partnership return filings of Form 1065, U.S Return of Partnership Income to July 15, 2020.
- The IRS is expanding the relief now to defer payment on any amount of money until July 15, 2020. The payment deferral limits from Notice 2020-17 ($1 million for individuals and $10 million for corporations) have been removed. There is now no limitation on the amount of payment that may be postponed.
- Any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020 and before July 15, 2020, can wait until July 15, 2020 to make that payment, without penalties and interest.
- All schedules, returns and other forms filed as attachments to the specified forms noted above including Schedule H, Schedule SE, as well as Forms 3520, 5471, 5472, 8621, 8858, 8865 and 8938 are due on or before July 15, 2020. This also includes any installment payments under section 965(h) due on or after April 1, 2020 and before July 15, 2020. Lastly, elections that are made or required to be made on a timely filed Specified Form (or attachment to a Specified Form) shall be timely made if filed on such Specified Form or attachment as appropriate, on or before July 15, 2020.
- The deadline for making contributions to your IRA for 2019 has been postponed to July 15, 2020.
- Contributions to your Health Savings Account (HSA) or Archer Medical Savings Account (MSA) for 2019 are now due by July 15, 2020.
- For employers with a federal income tax return due date of April 15, 2020, the due date to make 2019 contributions to qualified retirement plans under section 404(a)(6) is now July 15, 2020.
- The due date for filing Report of Foreign Bank and Financial Accounts (FinCen Form 114) remains April 15, 2020. However, a taxpayer who fails to timely file will automatically receive an extension to October 15, 2020.
Some states have also offered an extension on state income taxes, while others have been silent. Read the list compiled by the AICPA for details on your state of residency. Some have come out and said they will give 60-day extensions and some say they will give the same as what the Federal Government gives. We will continue to monitor this and update as we know.
For CWA tax clients, read our additional guidance here. Not a tax client yet, but looking to work with a team that is focused on exhausting measures to reduce your tax liabilities? Learn more about our services on our website.
We will continue to follow these developments and will provide information on these issues as they are clarified. If you have any questions, do not hesitate to contact your CWA planning team.
To learn more, schedule a complimentary tax consultation with a member of our team.