Tax Payment Due Dates Update
As the IRS continues to give new information and clarifications, I will continue to provide you with the most recent information.
Recent action by the Treasury Department has allowed the original due date of 2019 income tax filings to be pushed back to July 15, 2020. As a result, various payment types are pushed back as well. Below is a summary of the current due dates on various payments.
Due by July 15, 2020:
· 2019 Income tax payments for tax returns originally due on April 15th. This includes both individuals and C-Corporations.
· 2020 Quarter 1 estimated payments originally due on April 15th.
Some other key factors regarding the moving of the tax filing/payment deadline:
· Quarter 2 estimates originally due June 15th have not been extended. The due date for Quarter 2 estimates is still June 15th.
· Payroll tax deposits have not been given additional time to pay. These still need to be paid based on your payroll deposit schedule.
· The due date for contribution to IRAs and Health Savings Accounts has been moved to July 15th. Taxpayers now have until July 15th to fund their IRAs and HSAs.
Special Rule about North Carolina:
· North Carolina has indicated they will waive all penalties for payments related to the 2019 income tax and 2020 Quarter 1 estimated payment, HOWEVER any of these payments not made by April 15th will start to accrue interest as of April 15th. North Carolina is required by state law to charge interest beginning April 15th and unless our state legislature acts to change state law, then interest will be charged.
I hope this helps bring clarity to questions around the due dates of tax payments and tax filings. I will continue to provide information as I receive it. If you have additional questions, please contact me.