Now that the tax payment and filing date has been officially extended to July 15th in response to the COVID-19 emergency, you may have questions. Below are some answers to frequently asked questions.
Q1. Who is eligible for relief?
Any person with a federal return or payment due on April 15th, 2020 is eligible. A person includes an individual, trust, estate or a corporation. The relief does not apply to payments or returns due on any other date.
Q2. Do I have to be actually sick to qualify for payment relief?
Q3. What are the specific tax form numbers of the federal returns that have been postponed from April 15th to July 15th?
Form 1040, Form 1041 Trusts, Form 1120 Corporations, Form 1120-F
Q4. What about businesses that have filing due dates on March 15th, or May 15th or June 15th, have their filing and payment deadlines been extended?
No, any taxpayers who have filing or payment due dates other than April 15th have not been granted relief.
Q5. Does the payment deadline apply to payroll taxes?
No, normal filing and payment and deposit dates continue to apply to payroll taxes.
Q6. The relief allows for postponing the first quarter 2020 estimated income tax payment due on April 15th, 2020. What about 2nd quarter payments due on 6/15/20, are they extended as well?
No, the second quarter payment is still due on 6/15/2020
Q7. Is the deadline to contribute to an IRA also extended?
Yes, the deadline to contribute to an IRA or SEP IRA is extended to 7/15/2020.
Q8. Does the extension to file and pay also apply to State income taxes?
No, as of March 25, 2020
We at Franskoviak Tax Solutions will continue to keep you up to date in regards to the latest news. If you have a question that you would like answered in regards to the latest tax news please contact our Troy, Michigan IRS tax resolution experts at (248) 524-5240.