Additional IRS filing and payment extensions announced
The IRS announced on April 9 additional automatic extensions of time to file certain tax returns and pay any taxes due. The extensions applies to most tax returns and tax payments that have a traditional due date that falls between April 1, 2020 and July 15, 2020. Most tax returns and payments due in this time frame are automatically extended to July 15 without penalty. Individuals, corporations, trusts, estates and non-corporate tax filers are all included in the relief. Some highlights:
- Q2 estimated tax payments are now due July 15. For those keeping score at home, 2019 balances due, Q1 2020 estimates, and Q2 2020 estimates are all due on July 15.
- The extension now encompasses any estate tax returns (Form 706) due between April 1 and July 15.
- Includes forms 5471 and 5472.
- Includes 990-PFs and 990-Ts. It appears that regular 990s are NOT included in the relief.
View more information from the April 9, 2020 Journal of Accountancy post about the IRS’ additional, broad coronavirus-related tax relief. Or contact a Dugan & Lopatka professional at firstname.lastname@example.org or (630) 665-4440.