IRS Announces More Tax Deadline Extensions; Q2 Estimate Payments Now Also Due July 15

The United States Internal Revenue Service announced Thursday additional extended deadlines.

In the updated release, Notice 2020-23, individuals and businesses now have the option to defer additional tax filings and payments until July 15, 2020.. ­

Under the new notice, any taxpayer who was required to remit income tax returns or payments on or after April 1, 2020 but before July 15, 2020, can now defer such submission until July 15. The previous Notice only deferred the filing date for those returns or payments due by April 15, 2020.

All individuals, trusts, estates, corporations, and other non-corporate tax filers qualify for the extra time. This also means that anyone, including Americans who live and work abroad, can now wait until July 15, 2020 to file their 2019 federal income tax return and pay any tax due.

In addition, any individual or corporation who had a June 15 deadline to provide estimated tax payments for Q2 can now wait until July 15, 2020 to file and make payments, without penalty.

Anyone needing an extension until October 15, 2020 shou­­­­ld file a form through their tax advisor. Note that any estimated tax liability payment, even with the 6-month extension dated from April 15, would still need to be remitted by the July 15, 2020 deadline.

For further assistance, please contact your Windham Brannon tax advisor or email us at covid19advisory@windhambrannon.com

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