Understanding the 2019 IRS Extension

by | Mar 24, 2020 | Internal Revenue Service, Tax | 0 comments

Due to the COVID-19 outbreak and consistent with our expectations, the IRS released their notice on March 21 outlining the 90-day automatic extension for federal income tax filing and payments. This deferment applies to  individuals, trusts, corporations and non-corporations without interest or penalties, regardless of amount owed.

What does this mean for the average taxpayer?

The federal income tax filing due date is automatically extended from April 15 to July 15, 2020. Taxpayers do not need to file any additional forms to qualify for this extension. Individual taxpayers who need additional time to file beyond the amended July 15 deadline, can request a filing extension. State and local tax authorities have not yet released guidance on whether they will follow the IRS guidelines. We will be sure to share any updates from the IRS on this matter.

What payment does the extension apply towards?

The extended due date and payment date applies to the 2019 balance due and first quarter estimates as these are now due on July 15. Second quarter estimates due June 15 are NOT subject to an extension, and therefore remain due by June 15.

Anticipating a Refund? Our Best Advice? Don’t Delay.

We highly encourage you to forward your 2019 tax information to our office, as we remain committed to getting your tax return complete as soon as possible. With the additional time, please send your documents electronically to avoid delays in determining your tax liability, as well as for the safety of our associates opening postal mail.

As a reminder, the safest and most efficient means of providing your tax data is utilizing file exchange via our online client portal. If you need assistance getting registered for these services, call our office at (248) 934-0550. Or click HERE to access your portal now. Please note, to best serve you, Senter, CPA has modified our signature lines in our emailed correspondence to contain a link that will take you to the web page for file exchange/file uploads.

For more information regarding the IRS notice to extend, please click HERE.

As always, please do not hesitate to contact us at (248) 934-0550 if you have any questions or concerns regarding your tax filing or payments as an individual or business. We are here and we honored to help.

Disclaimer

This communication is intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

Always remember, Senter, CPA is here for you if you need any assistance.

Don't hesitate to give us a call at 248-934-0550, or contact us below.

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