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IRS Extends Estimated Tax Payments Due June 15, Deadline to Claim Refunds

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The Department of Treasury and the Internal Revenue Service extended additional key tax deadlines for individuals and businesses Thursday, April 9, 2020.

Most notably, the latest update extends relief to estimated tax payments due June 15, 2020.

This means any individual or corporation that has a payment due on or after April 1, 2020, and before July 15, 2020, can wait until July 15 to make that payment without penalty. Payments due April 15, 2020, previously had been extended to July 15.

Additionally, the normal April 15 deadline to claim a refund has been extended to July 15, 2020.

The law provides a three-year window of opportunity to claim a refund, so this applies to 2016 returns. If taxpayers do not file a return within three years, the money becomes property of the U.S. Treasury. The law requires taxpayers to properly address, mail and ensure the tax return is postmarked by July 15, 2020.

Other federal payment and filing obligations covered by relief include:

  • Individual income tax payments and return filings on forms in the 1040 series;
  • Calendar year or fiscal year corporate income tax payments and return filings on forms in the 1120 series;
  • Calendar year or fiscal year partnership return filings on Forms 1065 and 1066;
  • Estate and trust income tax payments and return filings on forms in the 1041 series;
  • Estate and generation-skipping transfer tax payments and return filings on forms in the 706 series;
  • Form 8971, Information Regarding Beneficiaries Acquiring Property from a Decedent and any supplemental Form 8971;
  • Gift and generation-skipping transfer tax payments and return filings on Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return due on the date an estate is required to file Form 706 or Form 706-NA;
  • Estate tax payments of principal or interest due as a result of an election made under sections 6166, 6161, or 6163 and annual recertification requirements under section 6166 of the Code;
  • Exempt organization business income tax and other payments and return filings on Form 990-T;
  • Excise tax payments on investment income and return filings on Form 990-PF and excise tax payments and return filings on Form 4720.

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 monitoring our accounts on LinkedIn, Twitter or Facebook.

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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