As you may be aware, the IRS extended the federal income tax filing due date from April 15, 2020 to July 15, 2020. This relief was recently expanded to include all taxpayers that had an annual return due between April 15th and July 15th, providing additional time for some fiscal-year filers, trusts, estates, and non-profit organizations.
All taxpayers included in this measure are also permitted to defer federal income tax payments due between April 15, 2020, and July 15, 2020 to July 15th without incurring penalties and interest, regardless of the amount owed. In addition, estimated payments for the first and second quarters of 2020, which would have been due on April 15, 2020, and June 15, 2020, respectively, are now due July 15, 2020 as well.
This relief is automatic, meaning that the taxpayer does not need to call the IRS or file any extension forms in order to qualify. If additional time is needed as of July 15, 2020, an extension may be filed, but payment of taxes due must be made at that time to avoid incurring interest and penalties.
West Virginia has extended the due dates for state returns and tax payments to align with IRS relief. If you file a return in another state, you can check their website for information or check with us, as many states have updated deadlines as well.
Suttle & Stalnaker remains committed to keeping you informed of changes that affect you, and thanks you for your continued trust in us during these uncertain times.