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

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ERD50

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I've seen this on some news sites, but I don't see it on any gov site (yet). Maybe this is proposed and still needs (expected?) approval?

Here's a non-pay-walled site:

https://www.politico.com/news/2020/03/20/trump-administration-moves-tax-day-to-july-15-138756
The deadline for filing tax returns will be postponed three months, to July 15 because of the coronavirus outbreak, Treasury Secretary Steven Mnuchin announced today.


Senate Republicans unveiled plans Thursday to postpone the filing deadline as part of their stimulus legislation now pending in Congress.

At President Donald Trump’s direction, Mnuchin tweeted, “We are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
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I notice "announced" and "tweeted". But I don't think "tweet" was in that video about "How a bill is passed". Or is this something POTUS can direct IRS to do w/o Congress? Though I'd expect it to get through Congress anyhow, my neighbor is a Tax prep guy and ~ 75 YO, probably best to take some extra time to manage his contact time better.

-ERD50
 
They just announced it in a press conference at White House today. It’s official.
I haven’t seen the law but he was pretty clear about it.
 
Guess this is good news.

For me, I'm happy my taxes already done and out of the way :popcorn:.
 
ERD50 said:
I notice "announced" and "tweeted". But I don't think "tweet" was in that video about "How a bill is passed". Or is this something POTUS can direct IRS to do w/o Congress?
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The tax code, like lots of other things, are a mixture of laws and regulations. I haven't checked in this particular case, but April 15th could very well be a regulation rather than a law.

If it is a regulation, then the law that delegates that regulation to the applicable secretary (very likely the Secretary of the Treasury) probably also delegates authority to set/change/adjust that date at his or her discretion or within certain wide guidelines.
 
I'll add that a quick check of the IRS website reminded me that it is quite normal for the IRS to extend tax filing deadlines for certain areas affected by natural disasters such as the tornadoes in Tennessee. Given that fact, I'm even more confident that it is a regulation, not a law, and that the IRS has the discretion to adjust the deadline.
 
Another reason to wait and see for now, another claim regarding what MAY be enacted WRT 2020 estimated taxes.
Filing Deadlines. The bill would push off the filing (yes, FILING) deadline for individual 2019 tax returns to July 15, 2020 - but that may be moot now (read to the end, just updated). The bill would also extend the due date for estimated payments for 2020 to October 15, 2020, and would treat ALL estimated payments due through October 15, 2020, as "one installment due on such date." In other words, there would be no need to write separate checks for the skipped April and July estimated payment dates.
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Stay tuned.

https://www.forbes.com/sites/kellyp...rals-in-response-to-coronavirus/#7013d9bc7ef1
 
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ERD50 said:
I've seen this on some news sites, but I don't see it on any gov site (yet). Maybe this is proposed and still needs (expected?) approval?
Click to expand...

It's worth waiting until the official notice appears on the irs.gov website. Until then, it has the status RUMOR.:popcorn:
 
SecondCor521 said:
I'll add that a quick check of the IRS website reminded me that it is quite normal for the IRS to extend tax filing deadlines for certain areas affected by natural disasters such as the tornadoes in Tennessee. Given that fact, I'm even more confident that it is a regulation, not a law, and that the IRS has the discretion to adjust the deadline.
Click to expand...

Good reminder, so yes, it sure seems it would be a regulation, not a law.

Still nothing at irs.gov though. But as I owe a bit, I will at least wait to April 15th, so plenty of time for official word for me.

If others sent in a payment early, I guess I have to wonder, regardless of circumstances, why? I always hold off payments until the last day. You can file early to get it done with, and schedule the payment date.

-ERD50
 
ERD50 said:
Good reminder, so yes, it sure seems it would be a regulation, not a law.

Still nothing at irs.gov though. But as I owe a bit, I will at least wait to April 15th, so plenty of time for official word for me.

If others sent in a payment early, I guess I have to wonder, regardless of circumstances, why? I always hold off payments until the last day. You can file early to get it done with, and schedule the payment date.

-ERD50
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Record low interest rates?
No personal cash-flow issues?
 
Anyone heard any word on a delay in first estimated tax payment currently due 15 April ?
 
Somehow the gal has big refunds and I have big taxes due this year. Thinking she can file and get her refund now and I'll dawdle - and maybe we'll wait on paying the quarterlies.
 
gauss said:
Record low interest rates?
No personal cash-flow issues?
Click to expand...

That only makes it less painful to pay early, it doesn't provide a reason to do it.

But if someone didn't care, then they won't care that the date got extended and they missed an opportunity, so it's all OK I guess.


-ERD50
 
easysurfer said:
Guess this is good news.

For me, I'm happy my taxes already done and out of the way :popcorn:.
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Ditto. And expecting large refunds which I will look forward to. So this is no help but glad it will help others.
 
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Montecfo said:
Ditto. And expecting large refunds which I will look forward to. So this is no help but glad it will help others.
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It could help the IRS process refunds more quickly with the workload spread out. I know for a fact there are issues with networks due to all the folks working from home.
 
For us, this is a pretty big deal. Late in 2019, we did our first "large" Roth conversion, to the top of the 22% bracket. Previously we converted only to the top of the 12% bracket. All of our 2019 quarterly estimated payments (including 1/15/20) were based on the safe harbor rule (2018 actual tax divided by 4). So we owe a very large amount with our 2019 return. I will have to sell some stock to make that payment. So I'm hoping that stocks will recover some by 7/15.

However, we're also planning to make the same "large" Roth conversion this year... and probably early in the year while stocks are depressed. So that conversion will also drive a large estimated payment, which is now delayed 90 days and potentially to 10/15 based on what I'm reading. Overall, it's some welcome news in this otherwise unsettling time.
 
I haven't seen anywhere if this delay in the filing date also allows a delay to 15 Jul to make an IRA/T-IRA contribution for 2019. That might be handy for some folks.
 
samclem said:
I haven't seen anywhere if this delay in the filing date also allows a delay to 15 Jul to make an IRA/T-IRA contribution for 2019. That might be handy for some folks.
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Fair question. And maybe I’m not current but they extended the payment deadline, not the filing deadline?
IRS 3/18/20 said:
Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can't file by the April 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request a six-month extension to file their return.
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https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020
 
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. :greetings10:
 
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