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By Numbers Blog

IRS Delays Tax Season Deadline By 90 Days


It was announced on March 20th by Treasury Secretary Steven Mnuchin that the Tax Deadline has been moved to July 15th, 2020. Taxpayers (and Tax Practitioners) have been granted extended time to file Tax Returns and will not be subject to penalties and interest on taxes owed up to $1 Million in Tax Owed for Individuals and up to $10 Million in Tax Owed for Corporations.

It is our goal to still have returns done on individuals who are anticipating a refund completed by the original deadline, April 15th, 2020. This will provide individuals and business owners to claim the refund and get help for them and their families during this time of need. For clients that have uploaded their documents, we can provide further clarification on whether or not a refund is anticipated. We still recommend uploading your documents as soon as possible but we have pushed back our deadline to upload documents and fill out the questionnaire to a new deadline of April 30th, 2020. We are still available for reviews and discussions via Zoom.

We will be in communication with you on the status of your refund from the IRS, or payment needed to the IRS. We will be able to run projections and estimates, and will be able to withhold payments owed until the extended deadline.

Depending on the procedure relayed to the Practitioners regarding filing an Extension from the original due date, we may file an extension on your behalf. If you know you are in need of an extension from the new due date and you have not already told us, please let us know and we will make that happen.

As always, we are here if you ever have any questions or need anything.

Please contact Jeremy Hall or Josh Hall if you have any questions. We look forward to supporting all clients during under these extreme circumstances. If there is anything you ever need, please do not hesitate to reach out.


MARCH IMPORTANT DEADLINES

3/16/20

Partnership and S-Corp Tax Returns Due

IRS Deadline for Tax Returns Due (Form 1065 and 1120-S), must file extension if proceeding beyond this date


3/20/20

Individual and C-Corp Preparation Documents Due

In order to file timely, we will need all documents in by this date

OTHER FUTURE IMPORTANT DEADLINES

4/15/20

Individual and C-Corp Tax Return Due

IRS Deadline for Tax Returns Due (Form 1040 and 1120), must file extension if proceeding beyond this date

4/15/20

Estimated Quarterly Tax Payment for 2020 Tax Year Due

IRS Deadline for Quarterly Estimated Payments for 2020 (Form 1040-ES)


4/15/20

Deadline for SEP-IRA or Solo 401K Funding

Deadline for SEP-IRA or Solo 401K Funding for Tax Year 2019

4/15/20

Deadline for SIMPLE-IRA Establishment

Deadline for Self-Employed or Small Employers to Establish a SIMPLE-IRA

6/15/20

Estimated Quarterly Tax Payment for 2020 Tax Year Due

IRS Deadline for Quarterly Estimated Payments for 2020 (Form 1040-ES)


9/15/20

Partnership and S-Corp Tax Returns Due, if extended

IRS Deadline for Tax Returns Due (Form 1065 and 1120-S), must file extension if proceeding beyond this date

9/15/20

Estimated Quarterly Tax Payment for 2020 Tax Year Due

IRS Deadline for Quarterly Estimated Payments for 2020 (Form 1040-ES)

10/15/20

Individual and C-Corp Tax Return Due, if extended
Deadline for SEP-IRA or Solo 401K Funding for Tax Year 2018

10/15/20

Deadline for SEP-IRA or Solo 401K Funding, if extended
Deadline for SEP-IRA or Solo 401K Funding for Tax Year 2019, if extended

1/15/21

Estimated Quarterly Tax Payment for 2020 Tax Year Due
IRS Deadline for Quarterly Estimated Payments for 2020 (Form 1040-ES)