Atlanta Financial Newsroom

Federal Income Tax Filing & Payment Deadline Extended

AFA Marketing
March 24, 2020

In light of current events and potential financial difficulties caused by the COVID-19 outbreak, the Internal Revenue Service (IRS) has postponed the 2019 federal income tax filing and payment deadline until July 15, 2020. [1] [2] [3]  Federal income tax payments due on April 15 2020 are now due July 15, 2020 without penalties and interest regardless of the amount owed (up to $1,000,000 for individuals). Taxpayers do not need to file an extension unless they need additional time beyond the July 15, 2020 deadline.

Currently, the IRS has not issued guidance on whether they will extend the deadline to make 2019 Roth and Traditional IRA contributions (note that SEP contributions are until the due date of the return). The IRS has also extended the due date for Q1 estimated tax payments to July 15, 2020 (they have not currently extended the Q2 payment date which is due June 15, 2020).  Yes, your second estimated tax payment is due before your first!  

Georgia and Alabama have also extended their tax filing deadlines to July 15, 2020 to match the extended federal deadlines.  It is expected that all states will follow suit, but you should check your state’s Department of Revenue website for clarification.

Please reach out if you have questions or concerns we can assist with.

 

[1] IRS.gov, March 18, 2020
[2] USA Today, March 17, 2020
[3] CNBC, March 20, 2020

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