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I see that the first payment for 2020 estimated income tax is now July 15, 2020...
What about the SECOND payment which is due JUNE 15, 2020?
I haven't seen anything about that second payment....
From Forbes
"All You Wanted To Know About The Recent IRS Tax Payment Relief But Were Afraid To Ask" dated 3-19-2020:
What about estimated tax payments?
The relief also includes estimated tax payments for the tax year 2020 that are due on April 15, 2020.
Please note that there is a second estimated tax payment due during the deferral - the one due June 15, 2020 - but the IRS has not indicated that amount is eligible for deferral. The Notice and subsequent guidance specifically reference estimated payments “that are due on April 15, 2020.”
So how does this work?
If you file your tax return or request an extension of time to file by April 15, 2020, you will automatically avoid interest and penalties on the taxes paid by July 15, 2020. Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020.
Do I have to do anything to qualify for the relief?
No, IRS will automatically provide the relief. You don’t need to file any additional forms or call the IRS to be eligible.
What about state tax or other federal tax payments?
The relief outlined in the Notice only applies to federal income tax payments which would have been due on April 15, 2020. It does not apply to state tax payments.
What’s the point of deferring payments but not filing dates?
Taxpayers and tax professionals alike are unhappy that the due date wasn’t pushed forward. The idea was to allow taxpayers to hold onto cash for a little longer in a tight economy. However, with offices, businesses and schools shut down, that puts a burden on the tax profession - and taxpayers. The American Institute of CPAs’ (AICPA) president and CEO, Barry Melancon, CPA, issued a strongly worded statement, noting that “it is impossible for every taxpayer and their tax adviser to prepare returns in this environment.” Stay tuned.
?
What about the SECOND payment which is due JUNE 15, 2020?
I haven't seen anything about that second payment....
From Forbes
"All You Wanted To Know About The Recent IRS Tax Payment Relief But Were Afraid To Ask" dated 3-19-2020:
What about estimated tax payments?
The relief also includes estimated tax payments for the tax year 2020 that are due on April 15, 2020.
Please note that there is a second estimated tax payment due during the deferral - the one due June 15, 2020 - but the IRS has not indicated that amount is eligible for deferral. The Notice and subsequent guidance specifically reference estimated payments “that are due on April 15, 2020.”
So how does this work?
If you file your tax return or request an extension of time to file by April 15, 2020, you will automatically avoid interest and penalties on the taxes paid by July 15, 2020. Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020.
Do I have to do anything to qualify for the relief?
No, IRS will automatically provide the relief. You don’t need to file any additional forms or call the IRS to be eligible.
What about state tax or other federal tax payments?
The relief outlined in the Notice only applies to federal income tax payments which would have been due on April 15, 2020. It does not apply to state tax payments.
What’s the point of deferring payments but not filing dates?
Taxpayers and tax professionals alike are unhappy that the due date wasn’t pushed forward. The idea was to allow taxpayers to hold onto cash for a little longer in a tight economy. However, with offices, businesses and schools shut down, that puts a burden on the tax profession - and taxpayers. The American Institute of CPAs’ (AICPA) president and CEO, Barry Melancon, CPA, issued a strongly worded statement, noting that “it is impossible for every taxpayer and their tax adviser to prepare returns in this environment.” Stay tuned.
?
