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April 16, 2020

IRS Extends More Tax Deadlines

The following is an overview of the recent IRS tax deadline extensions.

On March 27, 2020, the IRS announced that the tax filing and payment deadlines on April 15, 2020, were automatically extended to July 15, 2020, due to the COVID-19 pandemic. You can read more on this in on of our other blog posts here.

The IRS has now expanded the relief to include all filing and payment deadlines falling on or after April 1, 2020, and before July 15, 2020.

These IRS tax deadline extensions apply to individuals, trusts, estates, corporations and other non-corporate tax filings and payments. The extensions also now include US individual taxpayers abroad and the second quarter estimated tax payment, both of which were originally due June 15, 2020.

Major Tax Return and Other Filing Forms Affected:
  • Individual: F1040

  • Nonresident Individual: F1040NR

  • Corporations: F1120, F1120-C, F1120-F, F1120-S

  • Trusts: F1041

  • Partnership: F1065

  • Exempt Organizations: F990-T, F990

  • Estate: F706, F706-NA

  • Gift: F709

  • Extension forms: F4868, F2350, F7004, F8868 and F8892

Other Deadlines Affected:
  • Estimated tax payments

  • Contribution to an Individual Retirement Account (IRA)

  • Contribution to a Health Savings Account (HAS)

  • Repayment of a mistaken 2019 HSA distribution

  • Reporting and paying the 10% additional tax due on distribution from an IRA or pension plan

  • Section 965(h) installment payment

Additional tax return filing extensions are available by filing the respective extension forms.

Other IRS Tax Deadline Extensions

The IRS also extended the April 15 deadline to claim a refund for 2016 tax returns to July 15, 2020.  Any unclaimed refund beyond the 3-year window becomes property of the U.S. Treasury and the taxpayers now have until July 15, 2020 to claim the refund. 

The above list does not cover all relief granted. 

We Are Here to Help

If you are unclear if the July 15 tax deadline extensions apply to your filing and payment deadline, please contact your Manning Elliott tax advisor.

The above content is believed to be accurate as of the date of posting. U.S. tax laws are complex and are subject to frequent changes. Professional tax advice should be sought before implementing any tax planning. Manning Elliott LLP cannot accept any liability for the tax consequences that may result from acting based on the information contained herein.