The IRS made a few important changes to 2019 income tax filings. Below are details and answers to some frequently asked questions on changes to Federal tax deadlines, State tax deadlines, and an extension to your retirement plan contribution for 2019.
Federal Tax Filing & Payment Deadline Shifts to July
Both the filing and payment deadlines have been automatically postponed from April 15, 2020, to July 15, 2020, for individuals, trusts, estates, corporations, or any type of unincorporated business entity. Interest and penalties begin to accrue after July 15.
You don’t need to submit any additional forms; the new July 15 deadline applies to all taxpayers with a federal income tax return or a payment formerly due on April 15.
Can I Still File an Extension?
Individual taxpayers that need additional time to file beyond July 15 can request a filing extension until October 15 by filing Form 4868 before the July 15 due date. Corporate filers should use Form 7004 to request additional time.
What if I Already Filed?
If you already filed returns with a scheduled payment date of April 15, 2020, your payment will not be automatically rescheduled for July 15, 2020.
The payment will be made on the date selected unless the payment is rescheduled. Follow the instructions below to reschedule or cancel a payment.
- IRS Direct Pay – Use the confirmation number from your scheduled payment to access the "Look Up" and "Payment" features.
- EFTPS – Access the EFTPS website then click on "Payments" and login. Click on "Cancel a Tax Payment" from the left menu and follow the instructions.
- Schedule Electronic Funds Withdrawal – Electronic withdrawal payments scheduled when tax returns are filed can be revoked by contacting the U.S. Treasury Financial Agency at 888-353-4537.
- Credit/Debit Cards – Cancel scheduled payments by contacting the card processor.
2020 Estimated Tax Payment Due Date Changes
The April 15 estimated tax payment due date is postponed until July 15, 2020. However, your June 15, 2020, estimated payment due date remains the same. It must be submitted on June 15.
State Deadline Changes
The state of California has made the following changes to their tax deadlines:
- Partnerships and LLCs - March 15 filing and payment deadline extended to July 15.
- Corporations and S Corporations - Filing and payment deadline extended to July 15.
- Individuals - April 15 filing and payment deadline extended to July 15.
- Any other entity type (or quarterly estimated tax payment with a return or payment due date between March 15 and April 15) is now extended to July 15.
- For more information, see the California Franchise Tax Board COVID-19 Coronavirus Frequently Asked Questions.
State filing and payment deadlines vary by state. If you don’t live in California, check with your state to get an accurate due date for filing and payment, or visit your State Response to COVID-19 page.
2019 Retirement Contributions Extended to July
Because the due date for filing federal income tax returns has been postponed to July 15, the deadline for making contributions to an IRA, HSA, or Archer MSA for 2019 is also extended to July 15, 2020.
Questions for the IRS
Limited live telephone customer service assistance is currently available due to precautions taken to protect IRS employees from the coronavirus. High demand has created very lengthy wait times. The IRS encourages people to use IRS.gov for information.
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Categories: Coronavirus, COVID-19, CARES Act Stimulus, Tax Planning, Tax Strategy, Tax Deadline Changes
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.