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What the April 15 Tax Filing Deadline Extension Means to You

Article Highlights:

  • Filing Due Date Postponement 
  • Payment Due Date Postponement 
  • Extensions 
  • Late Filing and Late Payment Penalties 
  • Other Filings 
  • 2019 IRA Contributions 
  • Cancelling Direct Withdrawals 
The IRS has postponed the due date for filing Federal income tax returns and tax payments due on April 15, 2020 until July 15, 2020. Below are the specifics of those postponements.

Filing Due Date Postponement:
  • The due date for filing 2019 federal income tax returns due April 15, 2020 is postponed to July 15, 2020. 

  • This applies to any 2019 federal income tax returns due April 15, 2020. Thus, it applies to:

    o 2019 individual 1040 and 1040-SR tax returns
    o 2019 trust and estate 1041 returns
    o 2019 calendar year corporation returns
    o 2019 association returns (Forms 1120-C and 1120-H) 
CAUTION: This postponement does not include the 1120-S returns which were due on March 16. Nor does it include Foreign Bank Account (FBAR) filings. However, FBARs have an automatic extension to October 15 which effectively makes October 15, 2020 the FBAR due date, so there is no need to worry about those at this time.

Payment Due Date Postponement:
  • Any payments that would have been due on April 15, 2020 for the returns listed above are also postponed to July 15, 2020. This includes self-employment tax. 

  • Also postponed is the payment of the first 2020 estimated tax installment (Forms 1040-ES, 1041-ES, 1120-W). However, at this time the June 15 estimated tax payment has not been delayed, so for now the June 15th estimated installment needs to be paid on time. 

  • There is no limit on the amount of the payment that can be postponed. Previous guidance from the IRS included deferral limits. However, current IRS guidance supersedes that and now there are no limits. 
Extensions – There is no need to file Forms 4868 or 7004 to request an extension since the postponement is automatic. It is presumed, unless further guidance is provided, that if an additional extension to October 15 is desired, it would require filing an extension before July 15.

Late Filing and Late Payment Penalties – No late filing or late payment penalties will apply during the 3-month filing and payment postponement period. Unless further relief is provided, these penalties will resume after July 15, 2020.

Other Filings – Without further relief, the IRS has made it clear that no extension is provided for the payment or deposit of any other type of Federal tax, or for the filing of any Federal information return.

2019 IRA Contributions – IRA contributions for 2019, have been extended according to the IRS website as of the date of this article thus the last day to make a contribution for 2019 is July 15, 2020.  This also applies to HSA an Archer MSA contributions. 

Cancelling Direct Withdrawals - If you have already filed a return that included a direct debit for a tax due, and you want to postpone the withdrawal date, that withdrawal can be cancelled by calling the IRS e-file Payment Services 24/7 at 1-888-353-4537. Generally, you will have to wait 7-10 days after the return was e-filed to call. Cancellation requests must be made no later than 11:59 p.m. ET two business days prior to the scheduled payment date. Once the payment has been cancelled it will have to be rescheduled (or the tax paid by other means) to no later than July 15, 2020.

To reschedule a direct payment, visit the IRS direct pay web page.

The IRS has provided a series of Q&As related to this issue.

State Tax Filing Deadlines - Many states are addressing the coronavirus outbreak with various mandates and assistance. The following state resource includes the latest on state-specific tax deadlines.

If you have questions or want information on state filing postponements or need other tax assistance, please call. We continue to provide assistance for our clients during this troubling time. If your return can still be filed now, you are encouraged to provide your tax information as soon as soon possible.

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Get to Know Prestige Accounting Services Group (previously Prestige Wealth Accounting Group)

Offices in Flemington, NJ and Califon, NJ

Our Mission: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we are on a mission to redefine the tax experience for individuals and small businesses. With a focus on personalized service, strategic planning, and expert guidance, we aim to empower our clients to succeed financially with confidence and ease.

Expertise in Action: With a wealth of experience and a team of dedicated professionals, we specialize in individual and small business tax preparation. While we excel in all areas of taxation, our passion lies in serving the unique needs of small business owners in New Jersey. We understand that small business taxation requires specialized knowledge and attention to detail, which is why we go above and beyond to ensure our clients receive the guidance and support they deserve.

Tailored Solutions for Every Client: Whether you're a high-net-worth individual seeking comprehensive tax planning or a small business owner in need of accounting and bookkeeping assistance, we have the expertise to meet your needs. Our team takes the time to understand your specific situation and develop customized solutions that align with your goals and objectives.

Why Choose Us?: What sets us apart from other New Jersey tax firms is our commitment to excellence and innovation in the field of taxation. We don't just prepare tax returns; we provide strategic insights, proactive planning, and actionable advice to help our clients achieve their financial goals. With a team of two CPAs, an EA, and an ERO, we have the expertise and resources to deliver exceptional service and results.

Your Success is Our Priority: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we measure our success by the success of our clients. We are dedicated to building long-lasting relationships, providing unparalleled service, and helping our clients thrive in today's ever-changing tax landscape.

We can't wait for you to experience the Prestige Accounting Services Group (previously Prestige Wealth Accounting Group) difference.

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