tax filing & payment update

Just a reminder that the Federal income tax filing deadline for 2019 individual and business income tax returns has been automatically extended from April 15, 2020, to July 15, 2020.  Taxpayers can also defer Federal income tax payments ordinarily due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed.  This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.  The first and second quarter 2020 estimated income tax payment deadline has also been changed to July 15, 2020 (both Q1 and Q2 estimated for 2020 now due by July 15, 2020).

The California income tax payment deadline for 2019 and Q1/Q2 2020 estimated payments has also been extended to July 15, 2020 – note that California grants an automatic extension of time to file to October 15.  Most other states have also conformed to the Federal deadline of July 15, 2020.

Additionally, the April 15th deadline for Traditional IRA contributions has also been extended to July 15, 2020. 

Our office has generally been busy this month supporting business clients on the recently passed economic stimulus and related requests and individual and corporate income tax preparation and filing has been moved out internally for us to May 1.  However, we are prioritizing income tax compliance on an as-needed basis so please reach out to your engagement manager on any urgent requirements to file.

As always, contact us for more information.  While our offices are closed, we are working from home and are here for you.  Please keep an eye on our blog and social media for additional updates.