The IRS recently announced a delay in the deadline to file 2nd quarter estimated tax payments.
The IRS issued a tax filing and tax payment delay due to the coronavirus pandemic, from April 15, 2020 to July 15, 2020. Many payments are included in this delay for both individuals and small businesses. It includes filing of all tax returns, the related payments and all estimated payments typically due on April 15.
By moving the 1st quarter estimated tax payments from April 15 to July 15, the 1st quarter estimated payments were then actually due one month later than the 2nd quarter estimated payment deadline!
With IRS notice 2020-23, the 2nd quarter estimated payment due date is now moved July 15, 2020. So you will need to plan accordingly. This includes both individual and corporate payments.
Reminder, just because the IRS grants a payment delay, does not ensure your state will follow suit. So pay attention to the state's filing situation as well.
Should you have any questions, please call.
Last updated: 04/13/2020
The Covid-19 Tax Resource Portal (herein after referred to as "Site") is made available as a service to our clients and others for informational purposes only. These materials and information should not be considered as, or a substitute for, accounting, tax or financial advice. While it is hoped the materials provided here are helpful as background material, it is not warranted either expressly or implied as accurate or complete. You should refrain in taking any action based upon the information provided here until you have received proper counsel.
In addition, you understand that any links to any other web site or services does not constitute endorsement of or warranty of any service, product or information provided on their site(s). These links are provided for convenience only.
While our intent is to make transmissions to and from this web site secure, it is understood that no warranty of security can be made and that unforeseen security breaches by "hackers" is a possibility, however slight.
Reproduction of part or all of the contents on this site in any form is prohibited other than for individual use only. All content on this site is copyright protected and/or trademarked as appropriate and may not be copied, duplicated or altered in any way.
In no event shall Bill Brooks, CPA, PC, its affiliates or suppliers of any content on this site be liable for any indirect, incidental, special, punitive damages or consequential damages of any kind, or any damages whatsoever arising out of or related to your use of the Site, the content and other information obtained therein.
© 2020 - 2022. All Rights Reserved.