Because the facts regarding taxes and the Coronavirus (COVID-19) are changing daily, I’ve created a FAQ (Frequently Asked Questions) post for you regarding the 2019 tax year deadlines as of today, March 26,2020 (Ref. IRS Notice 2020-18).
Question: What is the federal tax filing deadline for my tax return?
Answer: Effective for those who have not yet filed or paid, for any type of tax return normally due April 15th, including all calendar-year businesses, individuals, trusts & estates, the federal return is now due by July 15th, 2020.
Question: I pay “Estimated Quarterly Taxes” to the IRS. Are those deferred to July 15th also?
Answer: Yes, but only the estimated taxes normally due on April 15th. The next June 15th estimated payment due date has not changed.
Question: The IRS says new deadlines apply to “persons affected by the Coronavirus”. Am I “affected”?
Answer: All taxpayers are “affected” and are eligible for the July 15th deadline. You do not have to be infected to be eligible.
Question: If I already filed and paid my Federal Tax Return, can I get my money back?
Answer: No. The change of due dates for filing and payment affects those who have not yet paid or filed federal tax returns.
Question: What if I file an extension by July 15th, 2020, will that give me 6 more months to file and pay?
Answer: No ! If you file an extension by July 15th, you will only extend the time to file until October 15, 2020. But the tax will still be due July 15th, 2020 so interest & penalty apply.
Question: What is the deadline for 2019 contributions to my IRA, H.S.A., or Archer M.S.A accounts?
Answer: This deadline has also been moved to July 15, 2020 to be allowed on your 2019 tax return. Remember to clarify to your provider the contribution is for 2019, not 2020, so they report it correctly to match with your tax return.
Question: What about state taxes?
Answer: North Carolina just released news to also extend the April 15th deadline to July 15th, 2020 for tax filing. BUT, while they will not charge “penalties” for tax payment after April 15th, they will still charge interest on NC tax paid after April 15th, 2020 as of this posting.
For updates on other states, check here: https://www.taxadmin.org/state-tax-agencies
Question: What about an extension of time to pay business payroll taxes?
Answer: No extensions allowed for filing or payment of federal or North Carolina state agency payroll taxes. However, federal payroll credits are allowed in certain circumstances for sick and family medical leave. Check our Facebook page https://www.facebook.com/stanmoorecpa/ or blog https://www.stanmoorecpa.com/blog/ for details & updates.