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Tax payment AND filing dates BOTH now 7/15, 1Q estimate too


Abby Normal
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The headline is incorrect.  Mnuchin urged folks to meet the 4/15 filing deadline if possible, especially those receiving refunds.  Those who could not file by 4/15 still must file an extension.  The 90 days suggested in the article are 90 days to PAY, penalty and interest free; full details will be provided in the bill passed by the Senate and signed by the President.  Until pen hits paper it's still speculation.

 

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I've had a number of clients call me about this and I remind them, this is FEDERAL.  Until their STATE issues parallel timelines, they can't take the July 15th date as their own deadline. 

And then I reiterate, let's just it it FILED and if you want to delay paying till July 15th, so be it!😒

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3 hours ago, Yardley CPA said:

I have read some articles on this and just to make sure my understanding is correct, generally speaking, April 15 now = July 15?  Is that correct?  Don't have to complete any extensions or file any forms for this to happen.  Simply changing the due date from April 15 to July 15.  

 

Yardley CPA, the short answer is NO.  Munchkin said nothing about changing the due date to file from 4/15 to 7/15.  There is no official guidance, no bill, no law, no IRS guidance.  Munchkin said to file by 4/15 if possible, to file an extension of could not meet the 4/15 deadline. He stated the goal is for those that owe to have 90 days to pay without penalty or interest.  

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Many questions. We have to wait because there's been no official guidance yet.  

My question is whether the extended time for payment will include the 2020 1st quarter estimated payment.  

I have clients who are stuck oversees and may not be able to get home before the deadline and have very large estimates to pay.  

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Had a client who owed $1m last year. She sold a beach front home that had an absolutely massive increase in value and that is after taking a stepped up basis for her husband's half. They paid about $250k for the home back in the 60's and she couldn't afford the property taxes after her husband died.

The people who bought it were a group of friends who did speculation that they could sell it for more - several supposedly had to file bankruptcy because it took over a year to sell it.

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Copied from IRS eNews:

"Corporations: For C Corporations, income tax payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due.

This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020."

There is no mention of including individual estimated payments in the automatic extension!

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