Federal Tax Return Filing Deadline Moved

Now that both California and the Federal IRS April 15 tax deadlines have been extended, most taxpayers and businesses will have more time to file and make tax payments without interest or penalties.

From the IRS Website

“WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

Taxpayers can also defer federal income tax payments 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.

Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.

The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days.

“Even with the filing deadline extended, we urge taxpayers who are owed refunds to file as soon as possible and file electronically,” said IRS Commissioner Chuck Rettig. “Filing electronically with direct deposit is the quickest way to get refunds. Although we are curtailing some operations during this period, the IRS is continuing with mission-critical operations to support the nation, and that includes accepting tax returns and sending refunds. As a federal agency vital to the overall operations of our country, we ask for your personal support, your understanding – and your patience. I’m incredibly proud of our employees as we navigate through numerous different challenges in this very rapidly changing environment.”

The IRS will continue to monitor issues related to the COVID-19 virus, and updated information will be posted on a special coronavirus page on IRS.gov.”

News Earlier This Week

The IRS followed most states by allowing individuals and businesses to postpone income tax payments due April 15 until July 15.

We continue to monitor developments, including the progress Congress is making on the CARES Act in response to the COVID-19 pandemic, this Act may contain provisions that affect both individuals and businesses.

Please Note

As of the time of this posting, the due date for making a 2019 IRA contribution is unchanged, April 15. Individuals are allowed to make 2019 traditional or Roth IRA contributions of up to $6,000 (or $7,000 if over 50 at the end of 2019) or, if less, up to the amount of their 2019 earned income. Higher income individuals are not allowed to contribute to a Roth IRA and contributions to a traditional IRA may not be deductible based on income limitations and eligibility to participate in an employer’s retirement plan.

GROCO Will

Periodically revise this information and suggests that visitors review it often for these updates from State and IRS official announcements.  After the proper authorities provide formal guidance, we will revise this information. Please reach out to your GROCO  advisor with any questions.

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