The Treasury Department and Internal Revenue Service have announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020 owing to the coronavirus pandemic.
According to these agencies, taxpayers can also defer federal income tax payments to July 15, 2020 without penalties and interest, regardless of the amount owed. The deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.
2020 Tax Deadlines
Individual income tax returns. July 15 falls on a Wednesday in 2020 and is not a holiday. The IRS began processing tax returns on January 27, 2020.
Estimated tax payments for the 2019 tax year. These are payable during the tax year they refer to. For 2019, these payments were due on April 15, June 15, and September 15.
Partnership returns. Extended to September 15, 2020.
Estates and trusts income tax returns. Due on July 15, 2020.
Gift tax returns. Due on July 15, 2020, with a deadline extended to October 15, 2020.
C-corporation income tax returns. Due on July 15, 2020, with a deadline extended to October 15, 2020.
Foreign bank account reports. Due on July 15, 2020, with a deadline extended to October 15, 2020.
S-corporation returns. Due on Mach 16. The extended deadline is September 15, 2020.
Chronological Deadlines for 2020
January 15. Deadline of Q4 estimated tax payment for 2019.
January 31. Deadline for employers to issue W-2 Forms to employees and for businesses to accomplish their 1099 Forms.
February 18. Deadline of Form 1099-B for financial institutions.
February 28. Deadline of Forms 1099 and 1096 for businesses.
March 16. Corporate tax return deadlines.
April 15. Last day for traditional IRA, Roth IRA, Health Savings Account, SEP-IRA, or solo 401(k) contributions. Deadline for Q1 estimated tax payments, filing a gift tax return, and filing estate income tax or trust income tax returns.
June 1. Deadline of Form 5498 for financial institutions.
June 15. Deadline for Q2 and Q3 estimated tax payments, filing individual tax returns for US citizens living abroad, filing of individual tax returns, and filing of corporate tax returns.
October 1. Simple-IRA establishment deadline.
October 15. Extended deadline to file individual tax returns. Deadline for taxpayers earning less than $69,000. Also, the final deadline to fund SEP-IRA or solo 401(k).
Things to Remember
Submit your tax return on time to avoid a penalty. The IRS urges taxpayers who are due a refund to file as soon as possible. If you are unable to pay the tax you owe, file your return anyway and apply for a payment plan.
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