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IRS Coronavirus-Related Filing and Payment

We hope this email finds you well and healthy!

The IRS continues to issue further guidance on the Federal tax deadlines. The agency has posted 24 Questions and Answers regarding the extended deadlines on their website.  You can review the full post here and refer to our summary below. https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers

 

IRS Postponed Deadlines:

  • The tax filing and payment deadline has been postponed from April 15th to July 15th for Individual, Corporate, Estate and Trust Income Tax (See Question 3 for full details).
  • The First Quarter Estimated Tax Payment deadline has been postponed from April 15th to July 15th.
  • The Second Quarter Estimated Tax Payment Deadline has been postponed from June 15th to July 15th.
  • Electronic payments already scheduled for April 15, 2020 will not be automatically rescheduled.  However, the taxpayer can take action to reschedule the payments.  See the answer to question 14 for instructions.
  • Contributions to IRAs, Qualified Retirement Plans, HSA, and MSA accounts can be made up to July 15, 2020 for the 2019 tax year.
  • Opportunity to Claim 2016 Refund – Deadline Extended to July 15, 2020.

The law provides a three-year window of opportunity to claim a refund.  If taxpayers do not file a return within three years, the money becomes property of the U.S. Treasury. The law requires taxpayers to properly address, mail and ensure the tax return is postmarked by the July 15, 2020, date.

  • Businesses and Non-Profits May 15, 2020 and June 15, 2020 tax return filing deadlines are postponed to 7/15/20.

IRS Deadlines Not Postponed

  • Payroll and Excise filing and payment deadlines have not been postponed.
  • Excess deferrals from a workplace-based retirement plan must still be taken out by April 15, 2020.

 

New York State Coronavirus-Related Filing and Payment

  • Updated: Governor Cuomo issued Executive Order No. 202.12 on March 29, 2020 formally extending the 2019 New York State Income Tax Filing, Payment and 2020 First Quarter payments normally due on April 15th to July 15th.
  • 2nd Quarter NYS Estimated Payments are due on June 15, 2020

 

 

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