Tax Day has been moved to July 15th
In response to the COVID-19 pandemic, the IRS has issued Notice 2020-18 to provide relief from tax deadlines. The due date for filing Federal income tax returns has been postponed automatically from April 15, 2020 to July 15, 2020. Extension forms are NOT required. This applies to individual (Form 1040), fiduciary/trust (Form 1041), gift tax (Form 709), corporate (Form 1120), and retirement plan trust and IRA (Form 990-T) returns.
Federal income tax payments that are normally due on April 15 have also been moved to July 15, 2020. This includes Federal 2019 income tax due on individual, trust, gift, corporate and retirement plan 990-T returns, as well as Federal 2020 1st quarter estimated income tax payments. Under this notice, there is no threshold on the amount of the payment that may be postponed.
Many states do not follow Federal and have their own filing and payment due dates. The AICPA ia compiling the latest developments on state tax filings (more here). Fortunately, the Oklahoma Tax Commission has extended the 2019 Oklahoma income tax return due date from April 15 to July 15, 2020. Oklahoma 2019 income tax and 2020 1st quarter estimated payments that are normally due on April 15 are also now due on July 15, 2020.
If you have questions about the due date of your tax returns, or are living in another state and not sure when you need to file or make payments, please contact us.