Summary:
- The April 15 income tax filing and income tax payment deadline is postponed to July 15
- There is no longer a limitation on the amount of payment that may be postponed
- No extension is required to be filed by April 15 to qualify for the July 15 deadline
- Georgia Governor Brian Kemp announced March 23 that Georgia’s tax deadline has been extended until July 15.
- Your Windham Brannon tax advisor will work with you to develop a plan regarding your 2019 tax return filings and payments, based on your individual circumstances.
On Friday, March 20, the IRS officially announced in Notice 2020-18 that the April 15 income tax filing and income tax payment deadline will be postponed to July 15 as a result of the coronavirus outbreak. The postponed deadline impacts all taxpayers that have an income tax filing or income tax payment due on April 15, 2020. This postponed deadline applies to the first quarter of 2020 estimated tax payments that would have been due by April 15 as well.
A previous announcement (Notice 2020-17), issued earlier in the week, allowed individuals to defer income tax payments of up to $1 million (up to $10 million for corporations) to July 15. This Notice 2020-18 supersedes that previous announcement and clarifies that there is no limitation on the income tax payment amount that may be postponed. The Notice clarified that no federal income tax extension needs to be filed by April 15 to qualify for the July 15 deadline.
Georgia Governor Brian Kemp announced Monday, March 23 that Georgia’s tax deadline has been extended until July 15.
What does this mean for you? We are here to help you determine the best alternative for your individual situation. We will continue to work hard on your behalf to prepare your tax returns as we normally would or assist you in planning for the later tax filing and payment deadlines if that is a better solution for you. We will guide you through that decision.
The tax landscape is rapidly evolving, with a large stimulus package currently in Congress that will potentially have significant tax implications. We continually monitor these changes as they happen, and we will keep you updated. In the meantime, stay safe and let your Windham Brannon advisor know how we can assist you during this time.
