COVID-19 - Tax Return Filing & Payment Relief

Questions and Answers

Does the deadline postponement apply to return filing and payments?
Yes. Both the filing and payment deadlines have been automatically postponed from April 15, 2020 to July 15, 2020 for individuals, trusts, estates, corporations, or any type of unincorporated business entity. Interest and penalties will begin to accrue after July 15.

Do taxpayers need to file any additional forms to qualify for relief?
No, taxpayers do not need to submit any additional forms; the new July 15, 2020 deadline applies to all taxpayers with a Federal income tax return or payment formerly due on April 15, 2020. Individual taxpayers, who need additional time to file beyond July 15, can request a filing extension until October 15 by filing Form 4868 before the July 15 due date. Corporate filers use Form 7004 to request additional time.

Has the filing deadline for all state returns been postponed to July 15?
South Carolina

"The governor ... directed the Department of Revenue to conform the state’s income tax deadline to July 15th, which is the new federal income tax deadline. Other state taxes will remain delayed until June 1st, as previously ordered."

Individual Income Tax Deadline:
July 15, 2020  

Are first quarter 2020 estimated tax payments still due on April 15, 2020?
No, the April 15 estimated tax payment due date is also postponed until July 15, 2020.  

Have the second quarter 2020 estimated tax payments, due on June 15, 2020, also been postponed?
No, the postponement only applies to the April 15, 2020 payment. The June 15, 2020 estimated payment due date remains the same.  

Does this relief provide more time to contribute money to an IRA, HSA, or Archer MSA for 2019? 
Yes. Contributions may be made for a particular year, at any time during the year or by the due date for filing a return for that year. Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to IRA, HSA, or Archer MSA for 2019 is also extended to July 15, 2020.   

I have tried calling the IRS for help, but I have been unable to reach anyone by telephone. What should I do?
Limited live telephone customer service assistance is currently available due to precautions taken to protect IRS employees from the coronavirus. High demand has created very lengthy wait times. The IRS encourages people to use IRS.gov for information.  

How can I keep up with the IRS response to the Coronavirus and COVID-19 legislation?
For the most up-to-date information, visit the IRS Coronavirus page https://www.irs.gov/coronavirus. As information is released regarding stimulus payments and legislation, it will be posted to this page. More FAQs can be found at https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers.

Tax Season Update Regarding COVID-19

The Treasury Secretary recent announcement about tax relief due to COVID-19.

We expect the IRS to releasing  guidance , and we will communicate that information to you once it is available. As of now, this is what we understand based on his announcement:
  • individuals have and additional 90 days, until July 15, 2020, to file their 2019 tax returns.
  • those who can file their taxes should file by the normal tax filing deadline of April 15t.
We anticipate the IRS will also address the following:
  • whether or not quarterly estimated tax payments can be deferred
  • any changes related to filing 1041 returns
Once we have clear guidance, we will make any necessary changes as quickly as possible.

Please call Campbell CPA Firm with any questions.

For Small Business Corona Virus Disaster assistance loans:

Federal Disaster Loans for Businesses, Private Nonprofits, Homeowners, and Renters

SBA Updates Criteria on States for Requesting Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)