CategoryTax Refund

Don’t Forget the Tax Man: Many Tax Returns and Payments Due Next Week

By: Amanda Wilson

Because of Covid-19, the IRS extended most federal tax filing and payment deadlines otherwise due from April 1, 2020 to July 14, 2020 until July 15, 2020. The postponement is coming to an end and taxpayers must act now.

A list of tax forms with a July 15, 2020 deadline can be found on the IRS website here, but includes many common income tax returns including those for individuals (Form 1040), corporations (Form 1120), and REITs (1120-REIT).

Taxpayers that wish to file for an extension of their tax filing obligation need to do so before July 15.

Estimated tax payments that were original due April 15, 2020 and June 15, 2020 are due July 15, 2020 as well.

Treasury Department Extends Tax Payment Deadlines

By: Ferran Arimon & Amanda Wilson

On Tuesday, Treasury Secretary Steven Mnuchin announced that the Treasury Department will extend the April 15 tax payment deadline by 90 days with no penalties or interest.

Taxpayers will have a three-month grace period in which to pay the income taxes owed for 2019. This grace period will apply to federal income taxes due on up to $1 million in tax owed. Corporate filers will also get the same length of time to pay amounts owed for 2019 up to $10 million in tax owed.

To clarify, filers are still required to meet the April 15 deadline if they are expecting a refund or are requesting a six-month extension, but can defer payment for up to 90 days.

The Treasury Department has taken this action as part of a series of actions aimed at financial relief for those businesses and individuals affected by the economic consequences of the coronavirus.

We will continue to monitor regulation aimed toward curbing the economic impact of the coronavirus and make you aware of any financial and taxation relief offered by the government.

Government Shutdown Does Not Affect October 15th Tax Filing Deadlines

By:  Amanda Wilson

As a result of the government shutdown, IRS operations are extremely limited and most IRS personnel have been furloughed.  During this shutdown, the IRS will not be processing tax refunds.  However, taxpayers should not view this shutdown as impacting their tax filing obligations.  Specifically, taxpayers that filed an extension for their personal income tax returns should still file by the October 15th deadline.  For more information, please see IRS Operations During Lapse in Appropriations.


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