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With IRS deadline extensions, what you need to know now

When the IRS extended the April 15th due date to July 15th, it raised other tax related questions – i.e., what else was extended?  The IRS in response to these questions provided 24 Q&A on the website. We’ve summarized what’s due and when below:

April 15th

  • Edvest Contributions due (for 2019)

May 15th

  • Form 990-T

June 15th

  • Quarter 2 (2020) estimate tax payment due

July 15th 

  • 2019 Form 1040 due (nothing needs to be filed with IRS before this date, it’s automatic)
  • Balance due on the 2019 Form 1040 tax returns (no late pay penalty or late interest)
  • 2019 Form 1041 due date (for trust/fiduciary returns)
  • 2019 Form 1120 due date (including 1120C and 1120H)
  • Estate and gift tax return due
  • IRA (traditional or Roth) contributions for 2019
  • Health Savings Account contributions for 2019
  • SEP contributions for 2019
  • Quarter 1 (2020) estimate payments
  • If needed, file Form 4868 for additional time to file 2019 Form 1040s (if you are unable to file income tax returns by July 15th, extension granted to 10-15-2020).

What is NOT extended by this IRS relief?

  • Excise taxes or information return filings.            
    • Any taxpayers who have a filing or payment due dates other than April 15 have not been granted relief at this time.

What about state due dates?

State filing and payment deadlines vary and are not always the same as the Federal filing and payment deadline. Wisconsin is generally in sync with federal due dates. 

We’ll post updated info as it becomes known.  Let us know if you have specific questions and concerns in these challenging times.

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