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Due to the impact of the coronavirus, Tax Day, which includes most forms and payments due between now and April 15, 2020 have been extended to July 15, 2020.  Along with the automatic extension of time to file most individual tax returns, Form 1040 there are many other taxes, forms, state and local returns, retirement contributions and deadlines to consider.  We recommend to file as early as possible if you are anticipating a refund to prevent possible delays.  However, this extension may relieve stress for some during these difficult times.  Here is a quick recap and a link to the FAQs in regards to the tax payment and filing relief IRS announced last week.   https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers.

Please note:  These questions and answers will be updated periodically and are designed to be a flexible tool to communicate information to taxpayers and tax professionals in this changing environment.  The answers to these questions provide responses to general inquiries and are not citable as legal authority. Accordingly, the Treasury Department and the IRS are continuing to consider additional IRB guidance on these issues addressed in these FAQs.

Eligibility

Any person with a Federal income tax return or payment due on April 15, 2020, is eligible for relief under the Notice. “Person” includes any type of taxpayer, such as an individual, a trust, an estate, a corporation, or any type of unincorporated business entity. The payment due refers to both 2019 Federal income tax payments (including payments of tax on self-employment income) and 2020 estimated Federal income tax payments (including payments of tax on self-employment income), regardless of the amount owed. The return or payment must be due on April 15, 2020 – this relief does not apply to Federal income tax returns and payments due on any other date.

You do not have to be sick, or quarantined, or have any other impact from COVID-19 to qualify for relief. You only need to have a Federal income tax return or payment due on April 15, 2020, as described above.

Postponed filing and payment of Federal income taxes on forms: 

• Form 1040, 1040-SR, 1040-NR, 1040-NR-EZ, 1040-PR, 1040-SS
• Form 1041, 1041-N, 1041-QFT
• Form 1120, 1120-C, 1120-F, 1120-FSC, 1120-H, 1120-L, 1120-ND, 1120-PC, 1120-POL, 1120-REIT, 1120-RIC, 1120-SF
• Form 8960
• Form 8991

To cancel and reschedule your payment:

• If you scheduled a payment through IRS Direct Pay, you can use your confirmation number from the payment to access the Look Up a Payment feature. You can modify or cancel a scheduled payment until two business days before the payment date. The email notification you received when you scheduled the payment will contain the confirmation number.

• If you scheduled a payment through Electronic Federal Tax Payment System (EFTPS), click on Payments from the EFTPS home page, login, then click Cancel a Tax Payment from the left menu and follow the instructions. You must do so at least two business days before the scheduled payment date.

• If you scheduled a payment as part of filing your tax return (authorizing an electronic funds withdrawal), you may revoke (cancel) your payment by contacting the U.S. Treasury Financial Agent at 888-353-4537. You must call to make a payment cancellation request no later than 11:59 p.m. ET two business days prior to the scheduled payment date.

• If you scheduled a payment by credit card or debit card, contact the card processor to cancel the card payment

Individual Retirement Accounts (IRAs) and workplace-based retirement plans

Deadlines for Contributions can be made to your IRA for 2019 is also extended to July 15, 2020.

Health Savings Accounts (HSAs) and Archer Medical Savings Accounts (MSAs)

Deadlines for Contributions to your HSA or Archer MSA is now July 15, 2020,

If you have additional questions, please contact our office at 352.683.7365.