[US] IRS delays tax deadlines for expats, trusts, estates and corporations to July 15

The Internal Revenue Service has been working on ways to ease the burden for taxpayers in the wake of the COVID-19 pandemic and has now issued a new notice that moves deadlines later for this tax season, Forbes reports.

The delay is welcome news for seniors, gig economy workers and many others including CPAs battling to meet April 15 tax deadlines and to explain why second quarter estimated tax payments were due before first quarter payments.

Notice 2020-23 confirms that the IRS has extended time to file and pay federal income taxes for all individuals, trusts, estates, corporations and other non-corporate tax filers, including Americans living abroad, until July 15.

Previously, on March 18, the agency had postponed the due date for individual tax payments due on April 15 to July 15 but left the requirement to file a return by April 15 intact. Two days later the IRS replaced that approach with an extension of the due date for filing returns to July 15 too. A Notice on March 27 postponed gift and generation-skipping transfer tax deadlines to July 15.

Many taxpayers still had April 15 deadlines after the three postponements. Additionally, they created a problem for taxpayers who have to pay quarterly estimated taxes. Many seniors who pay taxes on their investment income are subject to quarterly estimates, so are gig workers. 

The March 20 relief included moved the due date for 2020 first quarter estimated tax payments from April 15 to July 15 yet left in place the June 15 second quarter estimated tax payment deadline. 

Now, the June 15 estimated tax payment date has been pushed back to July 15. Anyone paying in estimated payments for 2020 will have their first two payments due on July 15. Estimated payments for the third quarter are still due on September 15, at this time, and those for fourth quarter are due on January 15, 2021.

Source: Forbes

The Internal Revenue Service has been working on ways to ease the burden for taxpayers in the wake of the COVID-19 pandemic and has now issued a new notice that moves deadlines later for this tax season, Forbes reports.

The delay is welcome news for seniors, gig economy workers and many others including CPAs battling to meet April 15 tax deadlines and to explain why second quarter estimated tax payments were due before first quarter payments.

Notice 2020-23 confirms that the IRS has extended time to file and pay federal income taxes for all individuals, trusts, estates, corporations and other non-corporate tax filers, including Americans living abroad, until July 15.

Previously, on March 18, the agency had postponed the due date for individual tax payments due on April 15 to July 15 but left the requirement to file a return by April 15 intact. Two days later the IRS replaced that approach with an extension of the due date for filing returns to July 15 too. A Notice on March 27 postponed gift and generation-skipping transfer tax deadlines to July 15.

Many taxpayers still had April 15 deadlines after the three postponements. Additionally, they created a problem for taxpayers who have to pay quarterly estimated taxes. Many seniors who pay taxes on their investment income are subject to quarterly estimates, so are gig workers. 

The March 20 relief included moved the due date for 2020 first quarter estimated tax payments from April 15 to July 15 yet left in place the June 15 second quarter estimated tax payment deadline. 

Now, the June 15 estimated tax payment date has been pushed back to July 15. Anyone paying in estimated payments for 2020 will have their first two payments due on July 15. Estimated payments for the third quarter are still due on September 15, at this time, and those for fourth quarter are due on January 15, 2021.

Source: Forbes