IRS Extends Over 300 Tax Filing, Payment and Admin Deadlines

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IRS Extends Over Tax Filing Deadlines

Extended Tax Deadline, Covid-19, Coronavirus

According to Treasury Secretary Steven Mnuchin, “Treasury and the IRS are extending tax deadlines.” These deadlines include the “fiscal year businesses, tax-exempt organizations and more than 270 other tax-related deadlines.” This effort is to relieve taxpayers burden during the challenging times of COVID-19.

What Tax Deadline Changes Took Place?

Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes. These taxes are originally due on April 15; however, the July 15th deadline i without interest or penalties for late-filing or late-payment.

IRS Extends Fiscal year businesses, tax-exempt organizations, Etc. 

Today’s notice expands the tax relief. The extensions “generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020.”

When are the Deadline for Trusts, Estates and Other Corporate and Non-Corporate Filers?

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

Additional Details from Steven Mnuchin, Treasury Secretary

Here is more information from the Treasury Secretary regarding Tax Deadlines:

What About Tax Relief for Tax-Exempt Organizations

  • Tax returns for tax-exempt organizations due between April and June are postponed until July 15, 2020.
  • Payments for tax-exempt organizations due between April and June are postponed until July 15, 2020.

Is there Tax Relief for Fiscal Year Businesses

The good news is yes! There is tax relief for Fiscal Year Businesses

  • Tax returns for fiscal year businesses due between April and June are postponed until July 15, 2020.
  • Payments for fiscal year businesses due between April and June are postponed until July 15, 2020.

Will the IRS Extend Deadlines for Estate Taxes

People are asking about the tax return and payment deadlines for estate taxes and gift taxes. These are typically due within nine months from the date of death; however, they will not be due until July 15, 2020.

Is the IRS Going to Extend Administrative Deadlines?

For all taxpayers, the Treasury and the IRS are extending an additional 270 administrative deadlines to July 15, 2020. That pretty much allows the country to have until July 15, 2020 to get their tax filings and administrative filings in order. These deadline extensions are all due to the Covid-19 pandemic.

Do You Have Questions Regarding the IRS Extending Deadlines?

For the full notice, click here for a full PDF of the IRS guideline. And, please contact  me, Alex Franch, BS EA, at 781.849.7200. Since the Coronavirus is forcing social distancing, you may email me at contactus@worthtax.com to schedule an appointment to drop off you tax documents at either our Norwell, Massachusetts Tax Office or Dedham, Massachusetts Tax Office locations. Tax time may be extended to July 15, 2020, but that doesn’t mean , so go online and schedule your appointment now. You may also securely upload your encrypted tax documents below.

 

For more information, call Alex Franch at 781.789.7200. WorthTax has locations in Norwell, Dedham, and Weymouth, Massachussetts.
Alex Franch

Mr. Franch is a Tax Specialist and Partner at Joseph Cahill & Associates / WorthTax. He has a diverse background including a Bachelor of Science from Boston College in Mathematics and extensive military service. Mr. Franch is an Enrolled Agent and has eight years of tax preparation experience. He has been serving individuals, families, and businesses for several years with tax and financial planning strategies and is a junior partner with the firm. Mr. Franch is licensed by the Financial Industry Regulatory Authority (FINRA) with a Series 6, 63, 65, and 7, and by the Commonwealth of Massachusetts Division of Insurance.