In response to the numerous questions raised from the April 15, 2020 filing and payment deadlines being extended until July 15, 2020, the IRS has issued a Q&A on their website.
Some of the highlights include the following:
- The extension is automatic – there is nothing you need to do or file to be granted the extension.
- If you cannot file your return by July 15, 2020, you must file an extension to October 15, 2020.
- If you have a 2020 first quarter estimated tax payment due on April 15, 2020 you now have until July 15, 2020 to make the payment.
- If you have a 2020 second quarter estimated tax payment due on June 15, 2020 that deadline has not changed. It is still due on June 15, 2020. You read that right – the second quarter payment is due before the first quarter payment.
Please visit the Q&A for answers to other questions that may arise as a result of the April 15, 2020 due date being moved to July 15, 2020. As always, please contact us if you have questions. We are here to help, especially during these more challenging times.