IRS Tax Deadlines and Update
By Glenn Schwier, CPA, J.D.
I think we can all agree that this year will be an historic year of extensions and exceptions due to the Coronavirus (COVID-19) pandemic. Accordingly, The Internal Revenue Service (IRS) has issued further guidance and has recently filled in some of the missing details of the filing extensions.
- The Federal and New Jersey State tax filing deadline has been extended from April 15 to July 15. Most states have also extended their deadlines to match. Check with your local resources or the IRS to see where your state fits in.
- The deadline for making contributions to IRAs (individual retirement accounts) and Roth IRAs is now July 15 from April 15.
- Gift tax returns are extended to July 15.
- The filing extension date is still October 15. If you file an extension for additional time beyond IRS automatic extension of July 15, the standard October 15 extended deadline applies to the return, not payments.
- If you already filed a tax return and scheduled for payment on April 15, you can cancel your payment by contacting the U.S. Treasury Financial Agent at 888-353-4537. Your request has to be made no later than 11:59 p.m. ET two business days before the scheduled payment date.
- The IRS said it generally won’t begin new audits, and it will suspend in-person meetings with taxpayers under exam through July 15.
- It also won’t submit the names of delinquent taxpayers to the State Department for potential restrictions on their passports.
- Items not qualifying for the July 15 extension include estate and excise taxes, information returns such as 1099 forms.
- The IRS is processing refunds so your tax refund should not be delayed.
- Although the first quarter estimated tax payment is extended until July 15, as of now, the second-quarter payment is still due on June 15.
Please contact me on (973) 298-8500 if you have any questions or to discuss further.