In response to the COVID-19 pandemic, Tax Day was moved from April 15 to July 15, 2020. As businesses and individuals prepare for the revised Tax Day, here’s a list of the most significant filings and payments that need to be made:
- 2019 federal income tax filings and payments with an original due date between April 1 and July 15, 2020
- 2020 first quarter estimated tax payments that otherwise would have been due April 15, 2020
- 2020 second quarter estimated tax payments that otherwise would have been due June 15, 2020
- Contributions to IRAs, certain qualified retirement accounts, and health saving accounts
- 2019 state income tax filings and payments if the state conformed with the federal extension
The extension of the filing and payment deadlines was automatic, so no extension forms needed to be filed. During the extension period until July 15, 2020, no late-filing or late-payment penalty or interest will be assessed; however, penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020.
>> You can view more information about the numerous relief provisions to assist businesses and individuals impacted by the current pandemic. The significant tax provisions are intended to improve cash flow and liquidity needs of corporate taxpayers. Click here to read more.