Due to the COVID-19 pandemic, the IRS announced that tax returns, originally due on April 15, 2020, will not have to be filed until July 15, 2020.
The postponement applies to individuals, trusts, estates, partnerships, associations, companies or corporations with a federal income tax return or income tax payment. Affected taxpayers will receive an automatic postponement and will not need to contact the IRS, file Form 4868 or Form 7004. Additionally, there is no limitation on the amount of the income tax payment that may be postponed.
This statement updates a previous decision to defer income tax payments to July 15, 2020. You can read more about the deferral here.
As of this statement, there is no specific guidance as to how this may impact the October 15, 2020 extended filing deadline.
Please let us know if we can answer any questions regarding this statement, or any other issues that are arising through these circumstances. As always, you may contact your Weinstein Spira accountant at (713) 622-7000 or via email.