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Income Tax Filing and Payment Extensions

Posted by Admin Posted on Mar 26 2020

Income Tax Filing and Payment Extensions – the good news is that the Treasury has allowed an extension of time for the filing of 2019 individual, corporate and fiduciary tax returns, as well as the payment of income taxes until 7/15/20, without needing to file for an extension, and without incurring any interest and penalties.  Additionally, if you are used to making estimated tax payments, your first payment is not due until 7/15/20 for the 2020 tax year. However, it’s important to keep in mind that there weren’t any changes made to the due date for the 2nd estimated tax payment, which is still due on 6/15/20, a month before the 1st estimated tax payment is due!  Also, for those of you who owe taxes with your 2019 tax return, you can wait to pay by check or through the IRS’s “my pay” on line access until 7/15/20, however if you’ve already filed and you’ve set up your payment to be electronically debited from your bank account, then you’ll need to call the following number in order to change the due date for your payment to 7/15/20, since the IRS will not automatically defer your 2019 income tax payment – call the U.S. Treasury Financial Agent at  888-353-4537.  As always, please contact us if you have any questions, or if we can help you during these uncertain times….we are here to help!
Mike and Staff