By now you have surely heard that the IRS extended both the filing and payment deadline for tax returns due on April 15, 2020 to July 15, 2020. That has come in handy for everyone, including the CPA’s in this world since we have all recently been put into service to assist clients with their Paycheck Protection Program applications.
One question that remained unanswered concerned the due date for the 2020 2nd Quarter Estimated Tax Payments that are normally due on June 15th. Until yesterday there had been no guidance. Now we know that those 2nd quarter payments, along with payment due on the 2019 1040 and the 2020 1st Quarter Estimated Tax Payments are all due on July 15, 2020.
The IRS gave us new relief that applies to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020, including individuals, trusts, estates, corporations, and other non-corporate tax filers, and that period will be disregarded by the IRS in calculating any interest, penalty, or addition to tax for failure to file the forms specified in the notice. All the details can be found here.
We also heard from the Texas Comptroller’s office last week, and they are automatically extending the 2020 Texas Franchise Reports due date for all taxpayers to July 15, 2020 from the normal May 15th deadline. See the News Release here.
As you can see, July will be a busy time for filing and paying taxes, so please help us out by sending your information in as quickly as possible to avoid the July rush. We are all busy working as remotely as possible, but we are still available to receive your information at our office by appointment.
I hope you are all staying safe and well and enjoying life at this slower pace as you brush up on your technology skills. As we are in this Holy season of Passover and Easter, my prayer is that we all reflect on what really matters in life and count our many blessings. I look forward to seeing you all in the very near future.
Please do not hesitate to reach out to me or any member of our team. We are here for you.
President, theKFORDgroup
theKFORDgroup team is ready to assist you with your tax questions. Give us a call at (210)340-8351.