COVID-19 & 2020 IRS Tax Deadlines --- What You Need To Know

COVID-19 & 2020 IRS Tax Deadlines --- What You Need To Know
Ines Zemelman, EA
23 March 2020

We are in uncharted territory and the IRS and Treasury are acting accordingly to help businesses and individuals. There have been a few extensions of filing deadlines which we will outline below. Importantly, everything is fluid and there may be new changes. We will update as new information comes in. The IRS has created a special coronavirus page to keep track of latest updates.

The Federal Government is also issuing cash payments to US Taxpayers - see Federal Stimulus FAQ: Who Is Eligible, How Much Money Will They Get? U.S Based Taxpayers, Expats, Non-residents & More for more info.

Federal Tax Deadline Moved to Jul 15, 2020

The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

Federal Tax Payments Deferred, Without Penalties and Interest to Jul 15, 2020

Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax This deferment refers to 2019 tax payments or estimated tax payments for 2020. This is not an abatement of tax - you will still owe your share, but you don’t have to pay it until Jul 15, 2020.

No Additional Forms are Needed To Avail of Jul 15, 2020 Deferments & Extensions

These deadlines apply to all US Taxpayers, residing in the USA or abroad Extensions to Oct 15 Deadline can be filed as normal. We can process extensions for you - please request them in your client profile.

Refunds Are Being Processed - If You Can File Now, Do So

The IRS issues refunds within 21 days of filing. There is no need to wait to file; with TFX you can handle all filings from the safety of your home through our virtual platform.

Each State Has Its Own Tax Guidance

While we expect that each state will follow suit, they are all releasing their own updates. The simplest thing to do at this stage is to request an extension in your client portal. Most states accept the federal tax extension, and the ones that do not, we can file them for you, too. This way you are not worried about following up on each state’s guidelines, but instead buy yourself time to focus on what matters most. Below we will keep a running log of state filings, in alphabetical order.

State filing relief/revised due dates in response to Coronavirus – 34 states (including DC) have changed from 4/15 to 7/15 filing.

 States Extended to 7/15  
  • AL
  • AR
  • AZ
  • CA
  • CO
  • CT
  • DC
  • DE
  • GA
  • IL
  • IN
  • KS
  • KY
  • LA
  • MA
  • ME
  • MD
  • MN
  • MO
  • MT
  • NC
  • ND
  • NE
  • NM
  • NY
  • OH
  • OK
  • OR
  • PA
  • SC
  • TN
  • UT
  • WI
  • WV

 

Ines Zemelman, EA
founder of Taxes for Expats