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IRS Announces Revised Tax Filing and Payment Schedule

2020-04-22 | by Gene B. Reynolds, CPA

July 15, 2020, has turned into one of the most significant dates on this year’s calendar for taxpayers.

The IRS has released a new notice, “Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic,” that includes an updated tax filing and payment schedule centered on the July 15 date.

One of the questions we were waiting to see answered was how estimated tax payments for the first half of 2020 would be handled. After the IRS originally bumped the First Quarter estimated tax payment deadline to July 15, the IRS also moved Second Quarter tax payments to July 15.

Also, as announced earlier during the health crisis, July 15 marks the new date for when 2019 year-end tax returns are due for Individual, Trust, and Corporation Income Tax Returns.

Full Breakdown of 2019 and 2020 Tax Schedule

Consider this schedule of 2019 and 2020 taxes that are now due on July 15 as you prepare to meet important tax deadlines.

  • 2019 tax returns: due July 15 (originally April 15) for Individual, Trust, and Corporation Income Tax Returns.
  • 2019 tax payments: due July 15 for any Individual, Trust, and Corporation Income Tax Returns (no penalty for the period of 4/15 to 7/15).
  • 2019 tax extension: must file for an extension by July 15 if you require an extension. Then, the extended deadline to file the tax return will be October 15.

However, if filing an extension, according to the IRS notice, “that extension will not extend the time to pay federal income tax beyond July 15, 2020.”

  • 2020 First Quarter: estimated tax payments are due July 15.
  • 2020 Second Quarter: estimated tax payments are due July 15 (originally June 15).

Therefore, estimated tax payments for the current year and full-year tax returns/payments for 2019 are all due by July 15 — unless requesting an extension to file the 2019 tax return.

– Note: If there is a change to the tax schedule during this fluid situation, we will provide a follow-up update in this article.

Ready to Help With Your Tax Situation

We recognize that many companies are currently working through loan assistance programs offered by the Small Business Administration (SBA) to maintain operations. However, we encourage business owners to think ahead to July 15 by preparing for everything that is due this summer.

We are ready to work on your company’s 2019 tax return and talk through 2020 estimated tax payments. Please reach out to our team for assistance during this time. We are here to help!

About the Author

Gene B. Reynolds, CPA

Gene is the Founder and President of Reynolds and Associates, a Houston-based CPA Firm. He has spent 42 years helping Houston entrepreneurs navigate their enterprises through both calm and stormy waters.


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