FEDERAL TAX DEADLINE EXTENDED TO JULY 15TH

In response to the economic fallout from the Coronavirus Disease 2019 Pandemic, the IRS has automatically postponed the filing and due dates for all Federal income tax returns and related payments due on April 15, 2020.  The filing and payment date for these income taxes have been automatically postponed to July 15, 2020.  This includes individual income taxes, corporate income taxes, and estate/trust income taxes.  The 1st quarter 2020 estimated taxes that would have been due on April 15th have also been automatically postponed until July 15th.  In addition, the due date to make a 2019 IRA or HSA contribution has been automatically postponed from April 15th to July 15th.  These changes in filing and payment dates are obviously welcome news to both individual and business taxpayers.  Affected taxpayers are not required to file for an extension on Form 4868 or 7004, to receive the benefit of the automatic postponement from April 15th to July 15th.

Please note that this automatic postponement in the due date for filing and paying income taxes does not apply to all Federal taxes; it only applies to income taxes.  For example, payroll taxes, excise taxes and informational returns are not included.  Also note, the due date of 2nd quarterly estimated tax payment that has a normal due date of June 15th has not been changed.

In addition, states are not obligated to follow the IRS with respect to the filing and due date of income tax returns.  The New Jersey Legislature has passed legislation to automatically postpone the April 15th filing date until June 30th.  The legislation is waiting for the Governor’s signature.  There has been pressure on the Governor to veto the legislation and change the extended date to July 15th.  The automatic extended due date will not take place until the Governor signs the bill.

These Federal and State law changes are of the writing of this article.  There have been modifications almost every day to these rules considering the day-to-day changes in the devasting health and economic effects of the virus.

Please contact us on how these rule changes impact your specific tax situation.

Follow our blog for up-to-date tax updates.

Contact us with questions.

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