In March 2020, the IRS, in response to the coronavirus pandemic, postponed the Federal personal income tax filing and payment deadlines from April 15th to July 15, 2020. This provided taxpayers a 90-day reprieve from late filing and payment penalties as well as interest. In a continuing effort to provide taxpayers temporary relief from tax filing and payment obligations, the IRS announced on April 9, 2020 additional extensions that push back critical tax deadlines for individuals, businesses, trusts, and estates.

Tax Forms Showing the Additional Tax Deadline Extensions for Individuals, Businesses, Trusts, and Estates

Notice 2020-23 generally shifts tax filing and payment deadlines to July 15, 2020 for:

  • Individual tax returns (including related schedules and forms such as Form 3520);
  • Corporation and Partnership tax returns (including calendar and fiscal year entities);
  • Trust, Estate, and Gift tax returns (including generation-skipping transfer taxes);
  • Private Foundation returns and related excise tax payments; and
  • Other filings that are normally due between April 1, 2020 and July 15, 2020.

Requesting an Additional Tax Deadline Extension

While both individual and business taxpayers do not need to take any additional action in order to postpone their tax filing and payments through July 15, 2020, those who are looking for an extension beyond the revised deadline will need to formally submit a request for extension to October 15, 2020 or November 15, 2010, as applicable. It is important to note that an extension to October 15th does not extend the requirement to make payments by July 15, 2020. Any payments made after that date may incur penalties and interest to the date of payment.

Extension Granted for Second Quarter Estimated Tax Payments

First quarter estimated tax payments for both individuals and corporations had previously been extended to July 15, 2020. Notice 2020-23 also extends the second quarter estimated tax payment deadline from June 15, 2020 to July 15, 2020.

Though several states are expected to follow suit, deadlines have yet to be changed. We will keep you updated as more information becomes available at the individual state level.

2016 Unclaimed Refunds

For 2016 tax returns filed by April 15, 2017, the normal April 15, 2020 deadline to claim a refund has also been extended to July 15, 2020. The law provides a three-year window in which to claim a refund. If taxpayers fail to file a return within the three-year period, the money becomes property of the U.S. Treasury. In order for the unclaimed refund to be issued, the law requires taxpayers to properly address, mail, and ensure the tax return is postmarked by July 15, 2020.

If you have questions about how changes to Federal or state tax filing and payment deadlines affect you or your business, please contact your Untracht Early advisor.