Tax Filing & Payment Deadline Update
Filed under:Construction, COVID Updates, Dental, Family Business, Firm News, Healthcare, Private Companies, Small Business Services, Tax Strategies
Updated: 4/10/20, 5:10PM PST
On April 9th, the IRS issued Notice 2020-23, which provides even more expansive filing and payment relief than what has previously been given.
Now, essentially every IRS filing that is due between April 1 and July 15 has been automatically extended to July 15, and any payments that would be due during that time are not due until July 15.
Of particular importance for individuals who pay estimates, the second quarter estimate for 2020 is now due July 15, the same day as the first quarter estimate, instead of June 15.
It remains important to note that Oregon estimates are still due April 15 and June 15, though the Oregon Department of Revenue has said they will consider waivers of interest on a case by case basis when returns are filed next year.
Updated: 3/30/20, 12:45PM PST
Last week, the IRS officially announced changes to the tax filing and payment deadlines for all Americans in an attempt to provide relief due to the coronavirus pandemic. A few days later, the Oregon Department of Revenue and City of Portland announced their own relief, ensuring that taxpayers who are unable to file or pay their taxes right now will not be penalized.
Below is a summary of the relief that has been announced:
- All individual, fiduciary, and corporate returns with a due date of April 15th are now extended to July 15th for both federal and Oregon, including the due date for any payments that would be due with the return. No extension needs to be filed; the extension is automatic.
- The deadline for the 2020 first quarter federal estimate is also extended to July 15th (though notably the due date for second quarter estimates was not changed, and is still June 15th, a month before the first quarter estimate is due). However, Oregon has not granted automatic relief for the first quarter estimate, which is still due April 15th. Oregon has stated they will consider waivers of interest “on a case-by-case basis due to unusual circumstances when the 2020 return is filed.”
- With the individual due date being extended, the due date for traditional IRA, Roth IRA, and HSA contributions to be funded for 2019 is also extended to July 15th.
- An individual extension can be filed before July 15th, extending the time to file the tax return through October 15th. As always, this is an extension to file, not an extension to pay. Penalties and interest on 2019 balances not paid will begin calculating on July 16th.
- For any filers subject to City of Portland/Multnomah County business tax, the City has announced they also will provide automatic extensions of filing and payment dates to July 15th. Similar to Oregon, though, their 2020 first quarter estimates are still due April 15th.
The IRS encourages any filers who may be due a refund to file their taxes as soon as possible in order to obtain their refunds.
If you are a client of Jones & Roth, we have already filed an extension of your individual return for your protection, and if you have already brought your tax information in, we remain committed to completing your taxes and delivering them to you in a timely manner, allowing you to make the decision about whether you need the extra time to make the payment of any tax due.
If you have already filed your taxes and were planning to wait until April 15th to pay your balance due, you should feel free to wait until July 15th to make the payments without any other action necessary.
We still encourage all clients to gather and provide their tax information as soon as you’re able through whatever means you are comfortable with.