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PILLA TALKS TAXES - Featured Article
_________________________________________ 

SORTING OUT THE TAX FILING AND PAYMENT DEADLINES

Evaluating All the Options

On March 13, President Trump issued an emergency declaration that, among other things, instructed the Secretary of the Treasury “to provide relief from tax deadlines to Americans who have been adversely affected by the COVID-19 emergency.” What followed during the week of March 16 was an announcement regarding the deadlines for federal income tax return filings and tax payments. As we know, the usual deadline for individuals is April 15. Historically, not only must a federal income tax return be filed by that date, but the tax must be paid by then also. 

Treasury Secretary Steven Mnuchin stated that a payment extension would be a “good stimulus” for small businesses and individuals affected by the economic fallout from the health crisis. On March 17, under the emergency authority granted by the President on March 13, the Treasury announced an extension of the tax payment (but not the tax filing) deadline. 

Then, on March 20, the President made yet another statement saying that the Treasury would issue a new order extending both the return filing and the tax payment deadlines. See: IRS Notice 2020-18, March 20, 2020. This statement gives more clarity to what was a confusing and fluid situation during the week of March 16. 

The first statement led to confusion because it extended the tax payment deadline by 90 days, but did not extend the tax filing deadline. Moreover, the extension applied only to individual income tax payments due in the amount of up to $1 million of tax liability and corporation tax liabilities of up to $10 million. 

Notice 2020-18 extends both the filing deadline and the payment deadline, and removes the $1 million/$10 million cap on the amount of tax liability that can be deferred. In light of this Notice, and given the tax code’s, and existing IRS, procedures that are already in place regarding filing and payment extensions, let’s fully analyze the full scope of the simple, effective and viable options for those who need more time to file and pay—for whatever reasons.

 A Filing Extension 

Notice 2020-18 extends the filing deadline of personal income tax returns, Forms 1040, to July 15, 2020. This is important because the previous extension issued by the Treasury did not cover return filings. Thus, under Notice 2020-18, your 2019 federal income tax return is now due on or before July 15, 2020. This extension applies to individuals as well as “a trust, estate, partnership, association, company or corporation.” Notice, pg 2. This is a filing extension of three months. 

 

But that might not be enough time for people to file their income tax returns. In that case, it is important to understand that the IRS continues to offer, and always has offered, a one-time, six-month filing extension for personal tax returns. IRS Form 4868 is titled Application for Automatic Extension of Time to File Tax Return. As the title implies, the mere filing of this form entitles one to an automatic extension of time to file a federal tax return. Form 4868 must be filed by the due date of the return to be effective. In this case, the form must be filed by July 15, 2020. 

 

For more on how extending your filing and payment options on your 2019 taxes, check out my video 

URGENT! IRS EXTENDS APRIL 15th DEADLINE! 

 

The above is a part of an article from the March 2020 issue of Pilla Talks Taxes Newsletter.  Subscribers to Pilla Talks Taxes are able to read complete articles as well as the rest of the newsletter when they log into their subscription account on their non mobile device. https://taxhelponline.com/subscriber-login.html 

      

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ARTICLES FOUND IN THE LATEST 

PILLA TALKS TAXES ISSUES:

March 2020 

SORTING OUT THE TAX FILING
AND PAYMENT DEADLINES
Evaluating All the Options 
  (IRS Extends Filing Video)

 

      PRINTABLE FORMS
          Form 4868 (for 2019 taxes)  
Form 7004 (for 2019 taxes)  
Form 1127 (for 2019 taxes)

 

     TAX COURT STRIKES DOWN IRS POLICY
ON FRIVOLOUS PENALTIES

          IRS is Not Permitted to Stack Penalties  
by Scott MacPherson

 

 

 

Missed a prior featured article?

Here are links to some of the favorites:

FIVE THINGS EVERY CITIZEN
NEEDS TO KNOW ABOUT IRS CONTACTS

 

LEVY OF SOCIAL SECURITY BENEFITS

 

HOW LONG DO I KEEP TAX RECORDS?

 

CHANGE IN POLICY ON
ENFORCEMENT OF STRUCTURING LAW

Laws Pertaining to Moving Your Money
from Account to Account

 

WHAT EVERY CITIZEN NEEDS TO KNOW 
ABOUT RETIREMENT FUND DISTRIBUTIONS

The Tax Consequences of Taking Your 401(k) or IRA  

 

"I'M FROM THE IRS... -And You're Going to Jail!"

 

PASSPORTS AND THE IRS
  They Have More in Common Than You Might Think

 

END OF THE YEAR TAX PLANNING
  9 Simple Steps That Can Cut Taxes and Pain

  



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