The IRS announced more deadline extensions on April 9 that apply not just to individuals, but trusts, estates, corporations and other non-corporate tax filers that qualify for the extra time. IRS Notice 2020-23 expands deadline relief to additional returns, tax payments and other actions. As a result, 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.
Federal income tax return for 2019 due 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, the IRS said.
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In March, the IRS had announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. No late-filing penalty, late-payment penalty or interest would be due.
Pensions: PBGC extends some due dates - The Pension Benefit Guaranty Corporation (PBGC) announced extended deadlines on April 10, noting that when the IRS delays the Form 5500 due date for employee benefits plans to offer disaster relief, PBGC’s due dates are similarly extended. PBGC has extended due dates for filings or actions that would otherwise have been due on or after April 1, 2020, and before July 15, 2020 — to July 15, 2020.
Form 5500 extensions for some also tucked into IRS Notice 2020-23 - The part about form 5500 is hard to find – the American Retirement Association has displayed the pertinent paragraph from the notice on its site.
Along with that, the ARA comments that the IRS extension helps “employers with June 30 plan year-ends that had filed for an extended deadline of April 15 (the regular Jan. 31 deadline + 2.5 months),” as that moves their filing deadline to July 15.
But the ARA said it doesn’t help those plans that have a calendar year-end, and still must face a July 31 deadline.
“We certainly hope and expect that there will be further guidance automatically extending the Form 5500 deadline for calendar year plans from July 31 to October 15, particularly considering that the IRS Ogden Service Center has been shut down—and there is now no place to send the Form 5558 to ask for an extension,” commented Brian Graff, CEO of the American Retirement Association.
Extensions - Individual taxpayers who need additional time to file beyond the July 15 deadline can request an extension to Oct. 15, 2020, by filing Form 4868. Businesses that need additional time must file Form 7004. An extension to file is not an extension to pay any taxes owed, the IRS said.
Taxpayers requesting additional time to file should estimate their tax liability and pay any taxes owed by the July 15, 2020, deadline to avoid additional interest and penalties.
Besides the April 15 estimated tax payment previously extended, the notice also extends relief to estimated tax payments due June 15, 2020. This means that any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020, and before July 15, 2020, can wait until July 15 to make that payment, without penalty.