Broker Check
Napa Valley Wealth Management - St. Helena, CA
Coronavirus Delays Tax Return Payments by 90 Days

Coronavirus Delays Tax Return Payments by 90 Days

| April 02, 2020
Share |

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 for information.

If you aren't already a client of ours, contact us today to schedule a complimentary consultation. Give us a call, or drop us an email, and let’s talk about how we can minimize your taxes and strategically plan for your future.

Stay Safe,

With 35 years of experience and a Chartered Financial Analyst (CFA) credential, Kelly is highly skilled in quantitative methodologies for analyzing securities.A CFP® with more than 20 years of experience, Earl has a passion to help people steward their money in order to work toward their goals and dreams.Robert possesses substantial experience in creating complex financial plans and reports that both integrate intricate tax and investment scenarios and model future cash flows.Our clients enjoy the personal, attentive service of a boutique firm, coupled with institution-level, tactical investing and personalized financial planning. You can expect regular phone calls, updates, and questions.

Kelly Crane, CFP®, CLU, CFA, MBA
President & Chief
Investment Officer

Earl Knecht, CFP®
Vice President & CFO

Robert Mauer
Financial Services

Sara Aikman
Director of Client Relations & Operations

Read more about our Investment Policy Committee.

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.

Share |