July 7, 2020

Filing and Payment Due Dates

RE: IRS will not postpone July 15th filing and payment deadlines

Dear Clients and Friends,

Due to the COVID-19 pandemic, the April 15th filing and tax payment due date for 2019 was postponed to July 15th.  These postponements generally apply to all taxpayers with a filing or payment deadline between April 1, 2020 and July 15, 2020, including individual and corporate quarterly estimated tax payments. Previously, the Treasury Secretary indicated that the July 15th deadline might be further postponed.

In an Information Release, the IRS has announced that the July 15th tax filing and payment deadline will not be postponed. Taxpayers unable to meet the July 15th filing deadline can request an automatic extension, until October 15th, to file. However, tax payments are due on July 15th, including estimated tax payments not made earlier in the year (first and second quarters for calendar year taxpayers).

Taxpayers who owe a 2019 income tax liability, as well as estimated tax for 2020, must make two separate payments on or before July 15, 2020: One for their 2019 income tax liability and one for their 2020 estimated tax payments. If two quarters of estimated tax payments were postponed, they can be combined into a single payment.

Please contact your Duffy Kruspodin advisor if you have any questions.

Sincerely,

DUFFY KRUSPODIN, LLP