IRS Provides Further Answers on Tax Delay

Chris Gaetano
Published Date:
Mar 25, 2020
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The IRS has released new information on the recent tax deadline delay, answering frequently asked questions on how it will work. Among other things, it specifies:

* The delay applies to filing and payment of federal income taxes reported on the following forms: Form 1040, 1040-SR, 1040-NR, 1040-NR-EZ, 1040-PR, 1040-SS; Form 1041, 1041-N, 1041-QFT; Form 1120, 1120-C, 1120-F, 1120-FSC, 1120-H, 1120-L, 1120-ND, 1120-PC, 1120-POL, 1120-REIT, 1120-RIC, 1120-SF; Form 8960; and Form 8991.

* Regarding the 990-T, if it is due to be filed on April 15, then it has been postponed to July 15 under the Notice. For taxpayers whose Form 990-T is due on May 15, that due date has not been postponed.

* With respect to returns due on March 16, 2020, which include Form 1065, Form 1065-B, Form 1066, and Form 1120-S for calendar year taxpayers, the filing of those returns has not been postponed.

* The relief also applies to fiscal year filers."If your Federal income tax return for your fiscal year ending during 2019 is due on April 15, 2020, whether that is the original due date or the due date on extension, your due date is postponed to July 15, 2020."

* Any taxpayers who have filing or payment due dates other than April 15 have not been granted relief at this time. Further, it does not apply to payroll taxes, excise taxes, or estate and gift taxes. It also does not apply to the filing of information returns. It also does not apply to any state tax filings or payments.

* Second quarter 2020 estimated income tax payments are still due on June 15, 2020. First quarter 2020 estimated income tax payments are postponed from April 15 to July 15, 2020.
* Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to your IRA for 2019 is also extended to July 15, 2020.

* You do not have to be sick or quarantined to qualify for the relief.

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