In response to the ongoing situation due to COVID-19, the Department of Treasury and Internal Revenue Service announced that additional key tax deadlines for individuals and businesses are extended.
The notice expands this relief to additional returns, tax payments, and other actions. As a result, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. With this period, the calculation of penalty and interest will be ignored. Such amounts will accrue after July 15, 2020.
Individuals, trusts, estates, corporations, and other non-corporate tax filers now qualify for the extra time without applying for an extension. This means that anyone, including Americans who live and work abroad, can now wait until July 15 to file their 2019 tax forms and pay any tax due. If the calendar-year taxpayer wanted to extend the filing until October 15, 2020, then they need to apply for an extension on or before July 15, 2020.
The tax forms include the following:
|Individual Tax Return & Payments||Form 1040 series||7/15/2020|
|Trust & Estate Tax Return & Payment||Form 1041, 1041-N, 1041-QFT||7/15/2020|
|Corporation Tax Return & Payments||Form 1120 series||7/15/2020|
|Return of Organization Exempt from Income Tax ²||Form 990||7/15/2020|
|Quarterly Estimated Income Tax Payments & Payments||Form 990-W; Form 1040-ES; 1040-ES (NR), 1040-ES (PR); Form 1041-ES; Form 1120-W||7/15/2020|
The above list is not all-inclusive. Rev. Proc. 2018-58 provides other disaster-related relief for time-sensitive actions and elections.
WE’D LOVE TO HELP.
We will continuously update you regarding evolving news surrounding legislative and administrative issuances dedicated to relieve the general public of the effects of COVID-19. Stay tuned with the advisory bulletin. For immediate clarifications, please contact us at knowl[email protected] or discuss it with your Scrubbed professional.