April 15th Deadline Extended Until July 15, 2020

IRS released Notice 2020-18 Friday, March 20, 2020, officially extending the federal tax filing deadline from April 15, 2020 to July 15, 2020. This extension applies to all 1040s that are due April 15, 2020 and extends both the time to file and to pay for all individuals.This relief also applies to all income tax returns for trusts, estates, partnerships, associations, companies, and corporations with an April 15, 2020 due date. Estimated income tax payments due April 15, 2020 are also extended until July 15, 2020.  This notice supersedes the previous Notice which had a dollar limitation on the amount that could be deferred until July 15, 2020. Interest and penalties on tax amounts due will begin accruing on July 16, 2020.

This extension is only applicable to federal income tax returns and federal estimated income tax payments due April 15, 2020. Other types of federal returns or payments due are  NOT extended.  Taxpayers should continue to file all other required returns, make their payroll tax deposits and pay all other required taxes.  Penalties and interest continue to accrue on returns not originally due April 15, 2020.

This guidance still DOES NOT COVER payments such as Florida Sales Tax payments, payroll tax deposits or Employee 401(k) contributions.  Taxpayers have until July 15, 2020 to make contributions to IRAs and HSAs for tax year 2019.  Taxpayers may need to file income tax returns in 42 states plus the District of Columbia. State filing and payment deadlines vary and are not always the same as the federal filing deadline.

The Florida Department of Revenue did extend the March Sales Tax payment until April 30, 2020.  The Florida Corporate Annual Report has been extended until June 30, 2020.

Taxpayers will not be required to file a federal extension for income tax returns due April 15, 2020.  They most likely will be required to file an extension by July 15th for any tax returns not already filed.  We will continue to monitor all IRS pronouncements and guidance.

Glickstein Laval Carris and staff are continuing to work to provide you timely information, guidance, and tax returns.  Please call or e-mail regarding any questions you may have.