Are You Ready for the New July 15 Income Tax Deadline?

Are You Ready for the New July 15 Income Tax Deadline?

06/16/2020 Tags: Announcements, In the News, COVID-19, Tax Deadline

The new July 15, 2020, tax deadline is fast approaching. Here’s what you need to know to keep yourself on good terms with the IRS.

When the IRS gave income tax filers three extra months, it also pushed back several other deadlines, including:

  • First and second quarter estimated taxes, as well as income tax payments and returns for estates and trusts.
  • Partnership return filings and corporate return filings and payments.
  • 2019 contributions to an individual retirement account or Roth IRA.

2019 calendar-year partnership and S-Corp tax returns — as well as 2020 Section 475 elections for partnerships and S-Corps — did not get extensions and were due March 16, 2020.

If you file IRS Form 4868 on or before the July 15 deadline, you’ll have an additional three months — until Oct. 15 — to file your tax return. Keep in mind that this doesn’t mean your tax bill won’t be due until Oct. 15; if you owe money to the IRS, you’ll still need to pay by July 15 or face fees and fines.

Through the IRS’s People First Initiative, the IRS adjusted other deadlines as well, including:

  • Earned Income Tax Credit and Wage Verification Reviews — “Taxpayers have until July 15, 2020, to respond to the IRS to verify that they qualify for the Earned Income Tax Credit or to verify their income. These taxpayers are encouraged to exercise their best efforts to obtain and submit all requested information, and if unable to do so, please reach out to the IRS indicating the reason such information is not available. Until July 15, 2020, the IRS will not deny these credits for a failure to provide requested information.”
  • Offers in Compromise — “The IRS will allow taxpayers until July 15 to provide requested additional information to support a pending OIC. In addition, the IRS will not close any pending OIC request before July 15, 2020, without the taxpayer’s consent.”
  • Statute of Limitations — “The IRS will continue to take steps where necessary to protect all applicable statutes of limitations. In instances where statute expirations might be jeopardized during this period, taxpayers are encouraged to cooperate in extending such statutes. Otherwise, the IRS will issue Notices of Deficiency and pursue other similar actions to protect the interests of the government in preserving such statutes. Where a statutory period is not set to expire during 2020, the IRS is unlikely to pursue the foregoing actions until at least July 15, 2020.”

If you have questions about the new 2020 tax deadline, reach out to us.

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