The IRS announced on March 21st that the deadline for both filing and paying (if you owe) your federal income taxes would automatically be extended from April 15, 2020, to July 15, 2020, to provide some relief for taxpayers due to the coronavirus pandemic. This would also allow taxpayers to defer federal income tax payments due on April 15, 2020, to July 15, 2020, without incurring penalties and interest. Individual taxpayers who need additional time to file beyond the July 15 deadline can request filing an extension which will give you until October 15, 2020, to file your taxes, but you will still need to pay any taxes owed by July 15 (payments after July 15 will be subject to penalties and interest).
For those taxpayers who pay quarterly estimated tax payments, the 2020 first quarter estimated tax payment originally due on April 15, 2020, is now due on July 15, 2020. The 2020 second-quarter estimated payment is also due on July 15, 2020. We will monitor and update you if there are any additional charges made by the IRS.
As part of this, the IRS has recently clarified that the deadline for making contributions to a Traditional IRA, Roth IRA, Simplified Employee Pension (SEP), Individual 401(k) Plan and Health Savings Account (HSA) for 2019 is now July 15, 2020, which is in line with the extended federal tax filing deadline. For SEP and Individual 401(k) Plans, contributions can be made as late as October 15, 2020, if an extension is filed by July 15, 2020.
Most state (and many local) tax deadlines have moved to July 15, 2020, following the announcement of the federal tax deadline extension. As of this writing, PA, NJ, and GA, states in which RTD has offices, have also extended the filing deadline for state returns to July 15th, 2020. If you have questions about other state or local filing deadlines, please reach out to your Advisory Team.
We have included a link below that will take you to the IRS website where you can find frequently asked questions and answers (FAQs) on the new filing and payment deadline intended to provide taxpayers relief in response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic.