IRS Extends Income and Gift Tax Deadlines Due to COVID-19

Tax forms with pen and smartphone

The IRS extended the deadline to file individual income tax returns (Form 1040) for all taxpayers from April 15, 2020 to July 15, 2020 in response to the current coronavirus pandemic. 

All taxpayers can defer 2019 income tax filings and payments until July 15 without penalty. 

Estimated income tax payments for 2020, normally due April 15, 2020, have also been deferred until July 15 without penalty.  However, the IRS has not yet indicated whether the estimated tax payment due June 15, 2020 has also been extended.  Taxpayers do not have to file an extension form with the IRS to qualify for the extension; it is automatic for all taxpayers, including individuals, trusts, estates, partnerships, and corporations.  This extension was announced in Notice 2020-18

In a recent update, the IRS confirmed the same extension applies to
gift tax returns (Form 709).  Under Notice 2020-20, the
filing and payment deadline for all gift tax returns is automatically extended
from April 15, 2020 to July 15, 2020.  Estate
tax returns (Form 706) have not been extended as of today’s date.

For more information regarding IRS guidance, visit the Coronavirus Tax Relief page

Please contact an attorney in our Estate Planning Department with any questions related to your estate planning needs or tax concerns. 

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