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| Pathways Advisory Group, Inc. Evon Mendrin, CFP® |
Great news for those who haven’t yet filed 2019 Tax Returns! In response to the economic situation related to the novel coronavirus, the tax filing deadline for 2019 Tax Returns has been pushed back.
Federal Deadlines Extended
Great news for those of us who haven’t yet filed
2019 Tax Returns! In response to the economic situation related to the novel
coronavirus, the tax filing deadline for 2019 Tax Returns has been pushed back.
As part of President Trump’s recent emergency
declaration, the Treasury and the IRS announced that the filing deadline has been pushed back to July 15, 2020!
This is automatic for all taxpayers, including individuals, trusts and estates, corporations and other
non-corporate tax filers, as well as those who pay self-employment tax.
The extension doesn’t require any additional forms to be filed.
This also means that any federal tax payments
that were due on April 15th are now due July 15th without interest and penalty,
regardless of amount owed.
What about estimated payments? The first
quarter’s estimated payment (typically due April 15th) is also delayed to July
15th. The IRS also announced the 2nd quarter's estimated payment (typically due June 15th) is also extended to July 15th.
What happens if you’ve already filed and owe
taxes? You can still delay paying up until the July 15th deadline without
interest and penalty.
Need additional time beyond July 15th to file?
Taxpayers can still file an extension beyond
the July 15th deadline using Form
4868, making the final extended deadline for 2019 Tax Returns October 15,
2020. Of course, to avoid
interest and penalties when filing your tax return after July 15th, you’ll
still need to pay the estimated tax due with your extension request.
Contributions to IRAs and HSAs
What does this mean for contribution deadlines to retirement accounts and Health Savings Accounts?The IRA, Roth IRA, and HSA contribution deadlines have also been extended to July 15th!
Need more info? The IRS has a great Frequently Asked Questions page and will likely be issuing further guidance in the coming days.
California Tax Deadline
Similarly, California’s Franchise Tax Board announced that it will be postponing until
July 15th the filing and payment deadlines for all individuals and business
entities for:
● 2019 tax returns
● 2019 tax return payments
● 2020 1st and 2nd quarter estimated payments
● 2020 LLC taxes and fees
●
2020
Non-wage withholding payments
The spread of Covid-19 and the response of federal,
state, and local governments have affected millions of Americans. It’s
great to see some relief as tax time approaches. Stay tuned for more
information on government aid and stimulus in the coming days!
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