2020 Estimated Tax Deferral?

[dascpa]

Read all I can on the IRS website and other news outlets.  Cannot find anything "authoritative" that 2020 1st and 2nd qtr 1040, 1041, etc,. estimated taxes are deferred to July 15th.  Does the lack of info mean they are still due April 15th and June 15th?

[sjrcpa]

Q1 is extended to July 15. Q2 is due June 15.

IRS Notice 2020-17

[dascpa]

I read that (see below) but others said Q2 also.  For now I will agree with you Q2 is due before Q1.

"The relief provided in this section III is available solely with respect to Federal
income tax payments (including payments of tax on self-employment income) due on April 15, 2020, in respect of an Affected Taxpayer’s 2019 taxable year, and Federal estimated income tax payments (including payments of tax on self-employment income) due on April 15, 2020, for an Affected Taxpayer’s 2020 taxable year. The Applicable Postponed Payment Amounts described in this section III include, in the aggregate, all 3 payments described in the preceding sentence due on April 15, 2020 for such Affected Taxpayers."

[rbynaker · Accepted solution]

https://www.irs.gov/pub/irs-drop/n-20-17.pdf

https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020

Copied from another list I'm on:

April 15, 2020                      File your tax return or submit an extension to file

June 15, 2020                      Your 2nd quarter 2020 estimated payment is due

July 15, 2020                        Your 2019 tax payment is due

July 15, 2020                        Your 1st quarter 2020 estimated payment is due

[sjrcpa]

Don't pay attention to what others say. Pay attention to what the IRS puts in writing.

[zandw619]

I agree with your payment dates, but in Proseries I cannot enter those dates.

[rbynaker]

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@rbynaker wrote:

https://www.irs.gov/pub/irs-drop/n-20-17.pdf

https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020

Copied from another list I'm on:

April 15, 2020                      File your tax return or submit an extension to file

June 15, 2020                      Your 2nd quarter 2020 estimated payment is due

July 15, 2020                        Your 2019 tax payment is due

July 15, 2020                        Your 1st quarter 2020 estimated payment is due

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LIES AND PROPAGANDA!  Don't believe anything this rbynaker person says, he's clearly a crackpot and doesn't know what he's talking about.  EVERYONE knows that they extended the federal filing deadline too.  Duh.

At least that's what I read on twitter.

June 15, 2020                      Your 2nd quarter 2020 estimated payment is due

July 15, 2020                        File your tax return or submit an extension to file

July 15, 2020                        Your 2019 tax payment is due

July 15, 2020                        Your 1st quarter 2020 estimated payment is due

Rick

[rbynaker]

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@zandw619 wrote:

I agree with your payment dates, but in Proseries I cannot enter those dates.

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That's due to what's called an IRS "Business rule" limitation.  None of the software companies can change it unless/until the IRS updates their rules & systems.  I'm not holding my breath, my clients will either be mailing a check with a 1040-V or paying online at IRS DirectPay.

[sjrcpa]

"EVERYONE knows that they extended the federal filing deadline too" - but they only did a couple of hours ago, on March 20,2020.

[rbynaker]

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@sjrcpa wrote:

but they only did a couple of hours ago, on March 20,2020.

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But that won't stop someone strolling through the barn door here a few days/weeks/months/years from now pointing out that the information was incorrect.  They still dig up old posts about 2018 extenders which were 100% correct at the time they were posted (you know, Dec 6-7, 2019).

Figured I should be the first one to call myself out on this clear misinformation.

[carmennanquil]

Estate Taxes - The trustee passed in October 2020.  There is capital gains tax due? Should executor pay only 1/4 of capital gains tax?

[sjrcpa]

@carmennanquil Start a new thread and include more info. Are you talking about estate income tax? or Estate tax?

October 2020 isn't here yet. What does a trustee have to do with an estate? 

What does a trustee's death have to do with anything?