The Treasury Department and IRS announced (Notice 2020-18) 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. Please note, the limitations provided in Notice 2020-17 are no longer applicable.
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. If your client has already scheduled a payment, at this time the IRS has not provided a way to change the due date. If changes are needed, the only option is to cancel the payment and choose another payment method.
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 file an automatic extension to Oct. 15.
This relief is only available for:
Federal income tax payments (including payments of tax on self-employment income) for a 2019 tax return
Federal estimated income tax payments (including payments of tax on self-employment income) due on April 15, 2020, for the 2020 taxable year
It is our understanding that no extension is provided for contributing to a tax-favored HSA, SEP or IRA. We have reached out to the IRS for further guidance.