Fed Tax Filing/pay now July 15th - Offical?

[Dtail]

So State tax filings are still due by 04/15, which means one still has to go through the whole Federal calculation process by that time also?

 

[ShokWaveRider]

So State tax filings are still due by 04/15, which means one still has to go through the whole Federal calculation process by that time also?

We do not have a State Tax.

 

[audreyh1]

Here is the official IRS notice on the new federal filing due date. This supercedes the notice published last week that only extended the 4/15 federal tax payment due date.

Problem #1: normally, when working with tax software you enter federal tax data, which then flows to the states. If a state filing deadline remains 4/15, then effectively the federal filing due date also remains 4/15 for taxpayers who have to file in such a state.

Problem #2: the notice continues to only talk about the 2020 estimated tax payment due 4/15. What about the payment due 6/15? Many taxpayers utilize the safe harbor approach to making estimated tax payments, and for this it's useful to know their 2019 tax liability. These folks won't be able to make a reasonable 6/15 estimated tax payment if their tax preparer delivers their federal tax return after 6/15.

An amended notice from the IRS can easily fix Problem #2: just state that the 2020 estimated tax payment normally due 6/15 is now also due on 7/15.

Everything I’ve read says it applies only for the first quarter estimated taxes normally due on 4/15, and no mention whatsoever of the second quarter normally due 6/15.

So I take it that it applies to first quarter only. A bit awkward that.

ETA: there is a simultaneous Senate bill extending estimated taxes to 10/15, so if passed that would address anything past the first quarter.

The Senate’s $1 trillion economic relief bill includes several measures aimed at tax relief. In addition to pushing the filing deadline back to July 15, the bill would also extend the due date for estimated payments to October 15, 2020, and would treat all estimated payments due through October 15, 2020, as "one installment due on such date,” eliminating the need to write separate checks for the skipped April and July estimated payment dates.

https://www.forbes.com/sites/sarahh...eadline-to-july-15-mnuchin-says/#6e9e8e5bd34d

Obviously Forbes doesn’t know when estimated taxes are due - April, June, and September, but whatever.

 

[Midpack]

So State tax filings are still due by 04/15, which means one still has to go through the whole Federal calculation process by that time also?

As of 3/18, your IRS filing is due on 4/15 anyway. Only federal payment is postponed, not filing. See post #23 above unless there’s newer guidance I haven’t seen.

 

[ivinsfan]

As of 3/18, your IRS filing is due on 4/15 anyway. Only federal payment is postponed, not filing. See post #23 above unless there’s newer guidance I haven’t seen.

This has changed ....we move at light speed now..

 

[ivinsfan]

Everything I’ve read says it applies only for the first quarter estimated taxes normally due on 4/15, and no mention whatsoever of the second quarter normally due 6/15.

So I take it that it applies to first quarter only. A bit awkward that.

Just wait a couple days...or maybe only an hour..

 

[Dtail]

We do not have a State Tax.

I know that SWR. I was speaking for my parents who live in Jersey.

 

[Dtail]

As of 3/18, your IRS filing is due on 4/15 anyway. Only federal payment is postponed, not filing. See post #23 above unless there’s newer guidance I haven’t seen.

Appears to be newer guidance on post#24.

 

[Midpack]

This has changed ....we move at light speed now..

I couldn’t find that yesterday, but it appears you’re right as of this morning.

The Internal Revenue Service has extended the deadline for filing individual tax returns for 2019 to July 15 from April 15 in response to the coronavirus pandemic. The change came just two days after the agency extended the tax-payment deadline to July 15.

 

[cathy63]

So State tax filings are still due by 04/15, which means one still has to go through the whole Federal calculation process by that time also?

It depends on your state. Some states have also moved their filing and payment deadlines. Other states have tax forms that don't depend on the federal 1040.

Here's a list of changes from the American Institute of CPAs: https://www.aicpa.org/content/dam/a...documents/coronavirus-state-filing-relief.pdf

 

[kaneohe]

Appears to be newer guidance on post#24.

yes......affects filing of tax returns, payments due w/ tax return, and estimated taxes all originally due 4/15 now extended to 7/15.........no mention of Q2 est tax .

"The relief provided in this section III is available solely with respect to Federal
income tax payments (including payments of tax on self-employment income) and Federal income tax returns due on April 15, 2020, in respect of an Affected Taxpayer’s2019 taxable year, and Federal estimated income tax payments (including payments of tax on self-employment income) due on April 15, 2020, for an Affected Taxpayer’s 2020 taxable year."

 

[Dtail]

It depends on your state. Some states have also moved their filing and payment deadlines. Other states have tax forms that don't depend on the federal 1040.

Here's a list of changes from the American Institute of CPAs: https://www.aicpa.org/content/dam/a...documents/coronavirus-state-filing-relief.pdf

This is quite helpful. Thanks.
For New Jersey on the additional information last few lines, it states that effectively the deadline is pushed to coincide with the Federal guidelines provided it is not later than June 30th.

I assume this means that the New Jersey state deadline is June 30th and NOT that it means that the deadline is not moved out since the federal deadline is past June 30th.

Is this the correct interpretation?

 

[audreyh1]

As of 3/18, your IRS filing is due on 4/15 anyway. Only federal payment is postponed, not filing. See post #23 above unless there’s newer guidance I haven’t seen.

There is indeed newer guidance and it is linked above.

 

[Midpack]

yes......affects filing of tax returns, payments due w/ tax return, and estimated taxes all originally due 4/15 now extended to 7/15

Much larger change in estimated taxes in circulating Senate bill (no estimated taxes until October) but not passed yet. That’s the wrinkle I’m curious about.

 

[audreyh1]

Just wait a couple days...or maybe only an hour..

I very quickly updated my post to link to the article about the Senate bill that could delay 2020 estimated tax payments until Oct 15, 2020 - so you would pay first 3 quarters all at once.

Of course, that bill still has to pass....

 

[Midpack]

There is indeed newer guidance and it is linked above.

Yes, I acknowledged above, thanks. Hard to keep up with what’s changed versus what’s proposed or rumored.

 

[cathy63]

This is quite helpful. Thanks.
For New Jersey on the additional information last few lines, it states that effectively the deadline is pushed to coincide with the Federal guidelines provided it is not later than June 30th.

I assume this means that the New Jersey state deadline is June 30th and NOT that it means that the deadline is not moved out since the federal deadline is past June 30th.

Is this the correct interpretation?

If NJ's AB 3841 passes and is signed into law without being amended, then the deadline for NJ state tax will be June 30th. As of today, the deadline is still April 15th because the bill has not become law. Anything could happen before it's passed, so check back in a few days.

 

[Dtail]

If NJ's AB 3841 passes and is signed into law without being amended, then the deadline for NJ state tax will be June 30th. As of today, the deadline is still April 15th because the bill has not become law. Anything could happen before it's passed, so check back in a few days.

Okay makes sense.
Thanks again.

 

[LakeRat1]

Pay now or pay later, might as well pay-it, really does not matter

 

[harllee]

The tax filing delay will be helpful in social distancing. I have family members who do not prepare their own returns--they go to H and R Block to get the return prepared. The tax filing delay means one less trip out in the public for them.

 

[tulak]

Some were waiting to see the delay posted on irs.gov. Haven't seen it posted here yet, so here it is:

WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

https://www.irs.gov/newsroom/tax-da...ederal-tax-payments-regardless-of-amount-owed

This works well for me, since I owe a small amount this year.

 

[socca]

Here's a list of changes from the American Institute of CPAs: https://www.aicpa.org/content/dam/a...documents/coronavirus-state-filing-relief.pdf

Thanks - useful!

I hope all of the states get busy next week and align their 2019 state tax return filing and tax due dates with the federal. Otherwise, there is going to be confusion for some folks. And, let's not forget 2020 state estimated tax due dates! This is turning into a mess!

I have to wonder about the impact on states that were expecting a huge inflow of tax money before 4/15 now receiving that money three months later. This issue is way above my pay grade, thankfully.

 

[zinger1457]

The Arizona governor said yesterday that the state tax deadline will be moved to 15 July to match the feds, my guess is more and more states will be jumping in line. Got an email from Turbotax that their software has been updated to reflect the changes.

 

[Philliefan33]

PA has moved the filing deadline to 7/15.

 

[Midpack]

Indiana and North Carolina extended filing to July as well, NC with a caveat. Not sure I’ll wait anyway. https://www.ncdor.gov/news/press-releases/2020/03/21/tax-filing-deadline-extended-july-15

https://www.in.gov/dor/7078.htm

I assume most states will do this.

However, the department cannot offer relief from interest charged to filings after April 15. Unless state law is changed, tax payments received after April 15 will be charged accruing interest over the period from April 15 until the date of payment.