March 26, 2020 - Currently, the April 15, 2020 filing and payment deadline for the IRS has been changed:

• Individual (1040), Corporate (1120) and Fiduciary (1041) returns are now due July 15, 2020 without filing any additional forms
• Payments for 2019 income taxes are delayed until July 15,  2020 with no limitation on amount due
• Starting on July 16^, 2020 interest and penalties will start to accrue on unpaid tax
• First quarter estimated payments for 2020 originally due April 15, 2020 are now due July 15, 2020
• New York State has also changed the filing and payment deadline to match the IRS deadline of July 15, 2020
• Some states have also extended their filing or payment dates.  Please consult your tax advisor for other state requirements.
• Second quarter estimated tax payments for 2020 are still due June 15, 2020

Note: For returns that have already been transmitted to the IRS, they cannot be revised.  You can revoke the electronic payments set for April 15, 2020.  Please contact your tax advisor as this needs to be done at least two business days prior to the scheduled payment date. 

With the change in the filing dates, this also allows additional time to fund various other items:

• IRA contributions are due by the due date for the filing of your return.  Traditional, non-deductible and Roth IRAs can now be funded anytime up to July 15, 2020.

• HSA contributions are due by the due date for the filing of your return. These can now be funded any time up to July 15, 2020

• Self-employed owners have until the due date of their return to fund qualified retirement plans including SEPs and 401(k) profit sharing plans for themselves and their employees.  The contributions that are typically due April 15^th when the owner's personal return is filed would also have until July 15, 2020 to fund the plan. 

Website/Resources 

As we face these uncertain times, the following websites are updated with various COVID-19 information that can assist you and your business.

Internal Revenue Service - https://www.irs.gov/coronavirus

US Treasury - https://home.treasury.gov/

US Government - https://www.usa.gov/coronavirus

Department of Labor - https://www.dol.gov/agencies/whd/flsa/pandemic

U.S. Small Business Administration - https://www.sba.gov/funding-programs/disaster-assistance

CDC - https://www.cdc.gov/coronavirus/2019-ncov/faq.html

Student Loans - https://myfedloan.org/borrowers/covid

New York State - https://www.ny.gov/

NYS Department of Taxation and Finance - www.tax.ny.gov

NYS Department of Labor - www.labor.ny.gov

Essential Business - https://esd.ny.gov/guidance-executive-order-2026, https://esd.ny.gov/novel-coronavirus-faq-businesses

NYS Department of Health - https://coronavirus.health.ny.gov/home

NYS Executive Orders - https://www.governor.ny.gov/keywords/executive-order

Other States - https://www.taxadmin.org/state-tax-agencies

The information reflected in this article was current at the time of publication.  This article will not be modified or updated for any subsequent tax law changes, if any.