Treasury extends [tax payment date 90 days, filing deadline still April 15]

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ray.james
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Treasury extends [tax payment date 90 days, filing deadline still April 15]

Post by ray.james » Tue Mar 17, 2020 12:09 pm

[Thread merged into here, see below. --admin LadyGeek]

[edited thread title for clarity - moderator prudent]

Edit:

Here is the official notice:
https://www.irs.gov/pub/irs-drop/n-20-17.pdf

Filing deadline for 2019 taxes is still April 15th. Do note, even with many states extending their deadline, not all are on July 15th!

Here is semi official place that is tracking all state deadlines from American institute of CPA's
https://www.aicpa.org/content/dam/aicpa ... relief.pdf

For California, official notice:
https://www.ftb.ca.gov/about-ftb/newsro ... demic.html

https://www.ftb.ca.gov/about-ftb/newsro ... demic.html

Please ping me if anything else needs to be added here.

original Post:

We owe 2k in taxes. Should I delay my filing?

https://www.cnbc.com/2020/03/17/treasur ... -days.html

Thanks.
Last edited by ray.james on Thu Mar 19, 2020 3:34 pm, edited 5 times in total.
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fallingeggs
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Re: Treasury extends tax filing by 60 days

Post by fallingeggs » Tue Mar 17, 2020 12:32 pm

I owe $2k in taxes this year as well. I'll wait for something more official, but I'll probably take them up on the offer. Likely won't make a difference to my personal financials, but prudence is the name of the game today.

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Svensk Anga
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Re: Treasury extends tax filing by 60 days

Post by Svensk Anga » Tue Mar 17, 2020 12:49 pm

Well, at least one thing is going my way lately. I abused the safe harbor rules in 2019 and so owe quite a bit. Of course, with short term rates cratering, the time value ain’t much.

Katietsu
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Re: Treasury extends tax filing by 60 days

Post by Katietsu » Tue Mar 17, 2020 12:56 pm

I am not sure the original post and the link are accurate. I am waiting for an official source. [ I believe that an extension to pay without fear of penalty or interest has been given until July 15. However, I believe that the filing requirement remains April 15 and late filing penalties are still in effect.]

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Re: Treasury extends tax filing by 60 days

Post by ray.james » Tue Mar 17, 2020 1:04 pm

Katietsu wrote:
Tue Mar 17, 2020 12:56 pm
I am not sure the original post and the link are accurate. I am waiting for an official source. [ I believe that an extension to pay without fear of penalty or interest has been given until July 15. However, I believe that the filing requirement remains April 15 and late filing penalties are still in effect.]
You are probably correct based on other sources. Will wait for official notice.
I will take up on the offer as I can early load full Roth IRA.
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Re: Treasury extends tax filing by 60 days

Post by RugbyNerd » Tue Mar 17, 2020 1:12 pm

Wrong thread.

Marylander1
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Income tax payment deadline extended to July 15

Post by Marylander1 » Tue Mar 17, 2020 3:11 pm

[merged into existing topic - moderator prudent]

Bloomberg reports Treasury Secretary Mnuchin extended the deadline for paying income taxes from April 15 to July 15:
Treasury Secretary Steven Mnuchin announced that his department is pushing back the April 15 deadline to pay taxes owed, giving individuals and many businesses 90 extra days to send checks to the government. ...
https://www.bloomberg.com/news/articles ... r-millions

I couldn't find this on a .gov site to confirm, so I don't consider this an official announcement (yet). This administration has issued conflicting guidance in recent weeks, so I'd be especially careful with this one.

Marylander1
Last edited by Marylander1 on Tue Mar 17, 2020 3:13 pm, edited 1 time in total.

bluebolt
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Re: Income tax payment deadline extended to June 15

Post by bluebolt » Tue Mar 17, 2020 3:13 pm

Marylander1 wrote:
Tue Mar 17, 2020 3:11 pm
Bloomberg reports Treasury Secretary Mnuchin extended the deadline for paying income taxes from April 15 to June 15:
Treasury Secretary Steven Mnuchin announced that his department is pushing back the April 15 deadline to pay taxes owed, giving individuals and many businesses 90 extra days to send checks to the government. ...
https://www.bloomberg.com/news/articles ... r-millions

I couldn't find this on a .gov site to confirm, so I don't consider this an official announcement (yet). This administration has issued conflicting guidance in recent weeks, so I'd be especially careful with this one.

Marylander1
90 days is around July 15, not June 15

Marylander1
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Re: Income tax payment deadline extended to June 15

Post by Marylander1 » Tue Mar 17, 2020 3:23 pm

bluebolt wrote:
Tue Mar 17, 2020 3:13 pm
90 days is around July 15, not June 15
Thanks; I corrected the subject.

Marylander1

runner3081
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Re: Income tax payment deadline extended to July 15

Post by runner3081 » Tue Mar 17, 2020 3:26 pm

Oh boy... still requiring filing by 4/15. People don't read details, how millions will file 7/15 and think they are okay?

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Re: Income tax payment deadline extended to July 15

Post by jebmke » Tue Mar 17, 2020 3:28 pm

Earlier reporting (days ago) about a possible push out of the filing deadline simultaneously referred to it as a shift from April 15 to June 15 -- "90 days." lol so the confusion about dates has a historical basis.

Will wait to see what the actual IRS guidance is. Presumably, if one files for an extension and owes money, one could defer to July 15 the payment. Of course, it has always been possible to defer filing the return until October 15. One year I got dispensation to defer filing until January 15 of the next year.
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Re: Income tax payment deadline extended to July 15

Post by Makefile » Tue Mar 17, 2020 3:29 pm

runner3081 wrote:
Tue Mar 17, 2020 3:26 pm
Oh boy... still requiring filing by 4/15. People don't read details, how millions will file 7/15 and think they are okay?
I've seen that mentioned and that was also my sense of the press conference. But presumably can't people just file an automatic extension (fprm 4868)?

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Re: Income tax payment deadline extended to July 15

Post by Jazzysoon » Tue Mar 17, 2020 3:35 pm

I saw this and was looking for info on other related dates as I need to do an IRA to keep AGI/MAGI where I need and need to do taxes to determine amounts.

There were a lot of articles that said only payment delayed but they were the first articles out, I found this article which was the latest one:

Thankfully, the public will at least be receiving a bit of relief on the tax front. Treasury Secretary Steven Mnuchin just announced that taxpayers are getting a three-month extension for filing and paying their 2019 taxes.

https://www.fool.com/taxes/2020/03/17/g ... -to-c.aspx

Afty
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Re: Income tax payment deadline extended to July 15

Post by Afty » Tue Mar 17, 2020 3:36 pm

How will this actually work if one is filing their taxes with TurboTax?

runner3081
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Re: Income tax payment deadline extended to July 15

Post by runner3081 » Tue Mar 17, 2020 3:42 pm

Makefile wrote:
Tue Mar 17, 2020 3:29 pm
runner3081 wrote:
Tue Mar 17, 2020 3:26 pm
Oh boy... still requiring filing by 4/15. People don't read details, how millions will file 7/15 and think they are okay?
I've seen that mentioned and that was also my sense of the press conference. But presumably can't people just file an automatic extension (fprm 4868)?
True... I just hope they know to do that!

rty237
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Re: Treasury extends tax filing by 60 days

Post by rty237 » Tue Mar 17, 2020 3:48 pm

The thread title and some comments are not accurate. The deadline to make tax payments was extended, the deadline to file returns is unchanged.

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Re: Income tax payment deadline extended to July 15

Post by Marylander1 » Tue Mar 17, 2020 3:51 pm

Afty wrote:
Tue Mar 17, 2020 3:36 pm
How will this actually work if one is filing their taxes with TurboTax?
I presume H&R Block and TurboTax will issue software updates to reflect changing federal and state deadlines, but those will probably take a few days. (However, I have no inside knowledge.)

Marylander1
Last edited by Marylander1 on Tue Mar 17, 2020 4:48 pm, edited 1 time in total.

milktoast
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Re: Treasury extends tax filing by 60 days

Post by milktoast » Tue Mar 17, 2020 3:52 pm

Does this alter the 2020-Form-1040ES estimated payment deadlines?

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Re: Treasury extends tax filing by 60 days

Post by BlackcatCA » Tue Mar 17, 2020 4:01 pm

Does anyone know if solo 401k contribution deadline is also changed to 7/15? Or stay with the filing date 4/15?

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Re: Treasury extends tax filing by 60 days

Post by SurfCityBill » Tue Mar 17, 2020 4:37 pm

milktoast wrote:
Tue Mar 17, 2020 3:52 pm
Does this alter the 2020-Form-1040ES estimated payment deadlines?
+1

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Watty
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Re: Treasury extends tax filing by 60 days

Post by Watty » Tue Mar 17, 2020 4:47 pm

Unless it will make a huge difference to you it would make sense to go on and file your taxes as soon as you have them ready.

If you wait there is a risk that you will be sick when you planned on filing your taxes and not get around to doing that.

Even if you are not sick enough to go to the hospital if you have something that is similar a bad case of flu at home you will likely not be up to finishing your taxes.

quantAndHold
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Re: Treasury extends tax filing by 60 days

Post by quantAndHold » Tue Mar 17, 2020 4:55 pm

I used my time at home to finish my taxes yesterday. But I need to go to a store to buy an envelope to snail mail the state taxes. So there’s that...
Yes, I’m really that pedantic.

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Re: Income tax payment deadline extended to July 15

Post by TravelGeek » Tue Mar 17, 2020 4:56 pm

Jazzysoon wrote:
Tue Mar 17, 2020 3:35 pm

There were a lot of articles that said only payment delayed but they were the first articles out, I found this article which was the latest one:

Thankfully, the public will at least be receiving a bit of relief on the tax front. Treasury Secretary Steven Mnuchin just announced that taxpayers are getting a three-month extension for filing and paying their 2019 taxes.

https://www.fool.com/taxes/2020/03/17/g ... -to-c.aspx
Do I go by what my ears heard or what a website named "fool.com" posts? :D

This is what I recall hearing from Mnuchin:

"All you have to do is file your taxes. You’ll automatically not get charged interest and penalties.”

The quote is also in this article:

https://www.bloomberg.com/news/articles ... r-millions

And another quote from that article:

"Individuals and businesses will still have to file by April 15, unless they submit paperwork for an automatic six-month extension, Mnuchin told reporters. "

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ClevrChico
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Re: Treasury extends tax filing by 60 days

Post by ClevrChico » Tue Mar 17, 2020 5:04 pm

I filed and paid early. If I fell ill, I wouldn't want to burden my spouse to file taxes.

92irish
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Re: Treasury extends tax filing by 60 days

Post by 92irish » Tue Mar 17, 2020 5:07 pm

I am filing and paying my taxes by April 15th - I owe around $5,000. The interest carry on $5,000 for 90 days is not worth delaying. I don't want to deal with any potential future IRS hassle, notices, mixup's, etc. etc.

A couple years ago, I checked the box to apply my refund to my estimated taxes rather than getting a check from the IRS. Well, they sent me a check and then I was underpaid for the estimated taxes. It was such a freaking hassle dealing with the IRS to fix that stupid little issue.

The point being - I am joint going to file and pay per the ordinary rules. I have no desire to do anything different which will in any way increase a possible interaction with the IRS. If you literally don't have the money to pay the IRS because you lost your job, that is totally different story.

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Re: Treasury extends tax filing by 60 days

Post by vectorizer » Tue Mar 17, 2020 5:20 pm

I already filed a few weeks ago, and owe almost $20k that I asked to be pulled from my bank account on April 15.

Does anyone know if it's possible to request the withdrawal on the new deadline instead?

At our low and dropping interest rates, it's not a lot of money. But it might be enough to fill my gas tank once or twice.

(I had a big jump in "income" due to aggressive Roth conversions. No penalty was due.)

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Re: Treasury extends tax filing by 60 days

Post by Watty » Tue Mar 17, 2020 5:22 pm

quantAndHold wrote:
Tue Mar 17, 2020 4:55 pm
I used my time at home to finish my taxes yesterday. But I need to go to a store to buy an envelope to snail mail the state taxes. So there’s that...
I normally just mail my state taxes too in order to save the $20 fee to file it electronically. This year I went on and paid the $20 to file it electronically just to reduce the chances that there would be a problem if the people at my state tax board were not in the office working to process the paper returns.

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90-day Tax Extension

Post by CoastalWinds » Tue Mar 17, 2020 5:35 pm

[merged into existing thread - moderator prudent]

I just read that the IRS has granted a 90day penalty/interest-free extension to pay taxes. However, it isn’t clear if this is limited to Year 2019 returns, or if it also includes Year 2020 Q1 Estimated Tax Payments. Does anyone know if it includes the latter?

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Re: Treasury extends tax filing by 60 days

Post by cowdogman » Tue Mar 17, 2020 6:46 pm

I owe about $25,000 due to a spike in earnings for 2019.

Pros and cons to taking time to pay (after filing by April 15):

Pros:

Liquidity for the extra 90 days
Possible further extension to due date (doubt it)
Interest accrued in the Fidelity Government Money Market investment

Cons:

Government probably needs money more than I do (only half-joking)
Probably won't earn much interest (about $62.50 (taxable) at 1% rate, and 1% is optimistic)
Might be sick when due and I'm the one that does the taxes

I'll likely pay when I file in April.

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ray.james
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Re: Treasury extends tax filing by 60 days

Post by ray.james » Tue Mar 17, 2020 6:56 pm

If anyone finds/sees the official IRS notification in coming days, please pm me. I will add it in OP(Original Post).

I searched through treasury and IRS and I do not think the official notification is out yet.
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Re: Treasury extends tax filing by 60 days

Post by whodidntante » Tue Mar 17, 2020 6:58 pm

Watty wrote:
Tue Mar 17, 2020 5:22 pm
quantAndHold wrote:
Tue Mar 17, 2020 4:55 pm
I used my time at home to finish my taxes yesterday. But I need to go to a store to buy an envelope to snail mail the state taxes. So there’s that...
I normally just mail my state taxes too in order to save the $20 fee to file it electronically. This year I went on and paid the $20 to file it electronically just to reduce the chances that there would be a problem if the people at my state tax board were not in the office working to process the paper returns.
The deadline is for mailing the return, not for processing it.

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Re: Treasury extends tax filing by 60 days

Post by Cuzz35 » Tue Mar 17, 2020 7:51 pm

They way my ears interpreted the press conference was 90 days extension to pay up to $1million for individuals and $10 million for corporations. Nothing about extending the filing deadline, meaning if you owe and electric to defer, file an extension.

There was no mention of Q1 or Q2 payments. I would suspect these will get moved backed to July 15th as well but we will have to wait and see what the official guidance is.

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Re: Treasury extends tax filing by 60 days

Post by Cubicle » Tue Mar 17, 2020 9:38 pm

My interpretation is because of the money crunch, paying is extended. Filing is not. Makes total sense. Stay home everyone & do your darn taxes. You're not out at the movies, salon, gym, arcade, bar... so be productive!

I usually send my paper return with my check owed ~April 12-13. I'll be replacing the several thousand check with a $50 (or $14) check, for both federal & state, as the cashed check is my return receipt & how I know someone looked at my return. July 12/13/14 I'll pay the remaining balances electronically.
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Re: Treasury extends tax filing by 60 days

Post by Mel Lindauer » Tue Mar 17, 2020 9:51 pm

You can e-file and if you owe money, Turbo Tax (and probably others) print out your payment form for you to mail.in with your check. So do the e-file by 4-15 and then you can decide when you want to mail your payment.
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Re: Treasury extends tax filing by 60 days

Post by Katietsu » Tue Mar 17, 2020 9:56 pm

Cubicle wrote:
Tue Mar 17, 2020 9:38 pm
My interpretation is because of the money crunch, paying is extended. Filing is not. Makes total sense. Stay home everyone & do your darn taxes. You're not out at the movies, salon, gym, arcade, bar... so be productive!

The problem is that many can not do their own taxes. They should not be sitting in an H&R Block. Many of the professional tax preparers are older or higher risk themselves and they should not be meeting with dozens of people a day. All the AARP TaxAide free prep programs are shut down and many of the VITA sites. Things like filing an extension that seem simple to people on bogleheads are confusing to some. Given that a 4868 gets you an automatic extension, they should just give everyone an extended due date.

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Re: Treasury extends tax filing by 60 days

Post by vectorizer » Wed Mar 18, 2020 12:23 pm

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IRS Guidance on deferring payments

Post by jebmke » Wed Mar 18, 2020 3:14 pm

Guidance is out

https://www.irs.gov/pub/irs-drop/n-20-17.pdf
The relief provided in this section III is available solely with respect to Federal income tax payments (including payments of tax on self-employment income) due on April 15, 2020, in respect of an Affected Taxpayer’s 2019 taxable year, and Federal estimated income tax payments (including payments of tax on self-employment income) due on April 15, 2020, for an Affected Taxpayer’s 2020 taxable year.
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Official IRS statement on tax payment due date

Post by HueyLD » Wed Mar 18, 2020 3:42 pm

From the IRS newsroom:

“The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the April 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request a six-month extension to file their return.

This payment relief includes:

Individuals: Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief.

Corporations: For C Corporations, income tax payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due.

This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.

Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. If you file your tax return or request an extension of time to file by April 15, 2020, you will automatically avoid interest and penalties on the taxes paid by July 15.

The IRS reminds individual taxpayers the easiest and fastest way to request a filing extension is to electronically file Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses must file Form 7004.

This relief only applies to federal income tax (including tax on self-employment income) payments otherwise due April 15, 2020, not state tax payments or deposits or payments of any other type of federal tax. Taxpayers also will need to file income tax returns in 42 states plus the District of Columbia. State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details. More information is available at https://www.taxadmin.org/state-tax-agencies.”

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Re: Official IRS statement on tax payment due date

Post by GerryL » Wed Mar 18, 2020 4:10 pm

I handed the envelope containing my payment for taxes due to the mailman who was driving down the street. This news came over the intertubes about 20 minutes later. Oh well.

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Re: Official IRS statement on tax payment due date

Post by informal guide » Wed Mar 18, 2020 4:21 pm

This cold certainly help individuals and small businesses handle diminished cash flows. However the value to individuals in financial terms is modest. If one defers $10,000 for three months and earns 1.5% per annum on it(quite generous vs. the current yield on 3 month treasury bills, 0.01% per Vanguard's web site) it is worth about $37.

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Svensk Anga
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Re: Official IRS statement on tax payment due date

Post by Svensk Anga » Wed Mar 18, 2020 4:40 pm

As I read it, the 1st quarter estimated tax payment is due 7/15. No mention of the second quarter payment which presumably is still due 6/15.

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Re: Official IRS statement on tax payment due date

Post by keyfort » Wed Mar 18, 2020 4:41 pm

informal guide wrote:
Wed Mar 18, 2020 4:21 pm
This cold certainly help individuals and small businesses handle diminished cash flows. However the value to individuals in financial terms is modest. If one defers $10,000 for three months and earns 1.5% per annum on it(quite generous vs. the current yield on 3 month treasury bills, 0.01% per Vanguard's web site) it is worth about $37.
I wouldn't think of it in terms of what % you can earn on it, but for small business cashflow I think it's a pretty good idea.

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Re: Official IRS statement on tax payment due date

Post by Thesaints » Wed Mar 18, 2020 4:44 pm

Cali has granted filing and payment deferment to June 15. No paperwork required.

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Re: Treasury extends tax filing by [90 days]

Post by oldcomputerguy » Wed Mar 18, 2020 4:52 pm

To clarify, the relief announced by the IRS today is a delay in the date by which you must pay any due tax. It is not an extension on the date by which you must file; that deadline is still April 15.

Here is guidance from the IRS's web site.

https://www.irs.gov/pub/irs-drop/n-20-17.pdf
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Re: Official IRS statement on tax payment due date

Post by kaneohe » Wed Mar 18, 2020 4:54 pm

Svensk Anga wrote:
Wed Mar 18, 2020 4:40 pm
As I read it, the 1st quarter estimated tax payment is due 7/15. No mention of the second quarter payment which presumably is still due 6/15.
Thanks to huey for posting OP and good question here about Q2 timing.

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Re: Official IRS statement on tax payment due date

Post by regularguy455 » Wed Mar 18, 2020 4:55 pm

Thesaints wrote:
Wed Mar 18, 2020 4:44 pm
Cali has granted filing and payment deferment to June 15. No paperwork required.
Are all states matching the IRS??

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ICMoney
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Re: Official IRS statement on tax payment due date

Post by ICMoney » Wed Mar 18, 2020 4:57 pm

Would this happen to extend the 2019 plan year solo 401k contribution deadline for a sole proprietor? It would be great for our situation if this was extended past 4/15...

Best, ICM

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Re: Treasury extends tax filing by [90 days]

Post by Stinky » Wed Mar 18, 2020 5:13 pm

oldcomputerguy wrote:
Wed Mar 18, 2020 4:52 pm
To clarify, the relief announced by the IRS today is a delay in the date by which you must pay any due tax. It is not an extension on the date by which you must file; that deadline is still April 15.

Here is guidance from the IRS's web site.

https://www.irs.gov/pub/irs-drop/n-20-17.pdf
Thank you for the link.

Here’s the way I interpret it, but I’d like others with more training than me to confirm. It looks like any tax payments due from individuals between 4/15 and 7/15 are deferred to 7/15/20. That should include payments for 2019 tax year due 4/15, and estimated taxes due 4/15 and 6/15, among others.

Do I have that right?
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Re: Treasury extends [tax payment date 90 days, filing deadline still April 15]

Post by jebmke » Wed Mar 18, 2020 5:15 pm

Stinky wrote:
Wed Mar 18, 2020 5:13 pm
Here’s the way I interpret it, but I’d like others with more training than me to confirm. It looks like any tax payments due from individuals between 4/15 and 7/15 are deferred to 7/15/20. That should include payments for 2019 tax year due 4/15, and estimated taxes due 4/15 and 6/15, among others.
My read is that payments due 6/15 are not deferred.
The relief provided in this section III is available solely with respect to Federal income tax payments (including payments of tax on self-employment income) due on April 15, 2020, in respect of an Affected Taxpayer’s 2019 taxable year, and Federal estimated income tax payments (including payments of tax on self-employment income) due on April 15, 2020, for an Affected Taxpayer’s 2020 taxable year.
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Stinky
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Re: Treasury extends [tax payment date 90 days, filing deadline still April 15]

Post by Stinky » Wed Mar 18, 2020 5:19 pm

jebmke wrote:
Wed Mar 18, 2020 5:15 pm
Stinky wrote:
Wed Mar 18, 2020 5:13 pm
Here’s the way I interpret it, but I’d like others with more training than me to confirm. It looks like any tax payments due from individuals between 4/15 and 7/15 are deferred to 7/15/20. That should include payments for 2019 tax year due 4/15, and estimated taxes due 4/15 and 6/15, among others.
My read is that payments due 6/15 are not deferred.
The relief provided in this section III is available solely with respect to Federal income tax payments (including payments of tax on self-employment income) due on April 15, 2020, in respect of an Affected Taxpayer’s 2019 taxable year, and Federal estimated income tax payments (including payments of tax on self-employment income) due on April 15, 2020, for an Affected Taxpayer’s 2020 taxable year.
Thank you. I agree. I got tangled up in the wording before.
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