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Federal Income Tax Filing Deadline Delayed to July 15, 2020

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President Trump has directed the Federal income tax filing deadline to be pushed back to July 15, 2020, from April 15, 2020 to give taxpayers more time to file their taxes in the midst of the COVID-19 pandemic.

This means tax returns due April 15 do not have to be filed until July 15 and are automatically extended. Taxpayers do not have to file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, or Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns.

Taxpayers can also defer federal income tax payments due April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This 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. Interest, penalties and additions to tax with respect to such postponed Federal income tax filings and payments will begin to accrue July 16, 2020. 

Prior guidance limited limited the amount to $10 million for a C corporation and $1 million for other filers. Under the new guidance, there is no limitation on the amount of the payment that may be postponed. 

The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days. 

As questions or concerns arise, we ask that you contact us so we can address them as quickly as possible to ensure we continue to meet your needs. As a reminder, you can always monitor our COVID-19 Updates webpage by clicking here for the latest or our social media accounts at LinkedInTwitter or Facebook. We hope you will monitor these regularly.

Even though both the filing and payment dates have been extended to July 15, 2020, we encourage you to submit your information to us as soon as possible so your return can be prepared even if you chose to file on the extended date. 

We encourage you to submit tax documents and workpapers electronically though our secure client portal, a link to which can be found on our website or by clicking here. You may also upload information via ShareSafe, a link to which can be found in any of your Ericksen Krentel professionals’ email signatures or by clicking here. Please contact your Ericksen Krentel professional if you are not registered for these delivery methods or need assistance using them.

We will attempt to deliver client returns and reports electronically when we can. If you need to physically drop off information at the office, we will accept it at the front desk with some precautions being taken. We also have a mail slot in our front door at of our office, 4227 Canal Street, where envelopes and packages can be inserted. Please put a contact name on the envelope if delivering by this method. Alternatively, you can mail or overnight documents to our office. However you plan to submit your information, please let your Ericksen Krentel professional know which method you are using.

We also will be sending invoices via email for the foreseeable future. If you wish to pay by credit card, please call our office at 504-486-7275 and ask for our firm administrator for instructions.

If a video conference is necessary, please contact your Ericksen Krentel professional who can arrange a video conference meeting with you.

We ask that you upload or send your documents, either through ShareSafe, the Client Portal or email if possible, as it will help us expedite processing your information via our tax systems.

About Ericksen Krentel

Ericksen Krentel CPAs and Consultants, founded in New Orleans, Louisiana in 1960 with offices in New Orleans and Mandeville, believes that serving as the clients’ most trusted adviser is grounded in going beyond the numbers.

That includes helping clients achieve their business and personal financial goals by providing innovative and exceptional services in the following areas: audit and assurance services, tax compliance and planning, outsourced CFO services and business valuations for a variety of industries; employee benefit plan audits; fraud and forensic accounting; business planning; IT consulting; loss calculations; and estate planning.

Learn more at www.ericksenkrentel.com.

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