National Emergency - April 15 - tax day

[User FIDO 61]

@IntuitAustin 

Has anyone heard anything other than the rehashed impotent canned platitudes espoused by our elected officials?

I hear Intuit has a slightly influential lobbying concern... perhaps you've heard whispers? Or is that all information siloed off campus, and unavailable for cascading here in Support? 

[IntuitAustin]

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@User FIDO 61 wrote:

@IntuitCharlene @IntuitAustin @Intuit_Al @AshleyatIntuit  @Intuit_Kevin W @IntuitRebecca 

Has anyone heard anything other than the rehashed impotent canned platitudes espoused by our elected officials?

I hear Intuit has a slightly influential lobbying concern... perhaps you've heard whispers? Or is that all information siloed off campus, and unavailable for cascading here in Support? 

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Hey @User FIDO 61 

We haven't received any information from the IRS yet, but the IRS is providing information about COVID here.

Should there be any major updates, we will be sure to post something in community.

[abctax55]

Breaking/live news conference occurring right now:

Filing/paying extended 90 days without penalty or interest.  Up to $ 1 million for an individual.  

I want to see it in writing.

[BobKamman]

Treasury Secretary Mnuchin said that President Trump instructed him to allow for the deferment of tax payments, interest free and penalty free for 90 days. People can defer up to a $1 million and corporations can defer up to $10 million in payments. The Treasury secretary said that this would inject $300 billion into the economy. He said that people who can file their taxes now should do so, because many will get refunds.

--From NY Times website.  It doesn't mention extensions for filing, but that detail may follow from the IRS website.  They were just waiting until all the corporate money was collected yesterday.  

[BobKamman]

The AICPA has a web page that tracks what states are doing about extensions and payments.

https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-...

[User FIDO 61]

From Journal of Accountancy 3/17/20

Treasury secretary announces 90-day delay in tax payment deadline

"As of this writing, the IRS had not yet issued formal guidance on the policy. Mnuchin’s announcement did not delay the April 15 filing deadline."

[zandw619]

anybody hear about payment dates for April and June estimates?

[User FIDO 61]

e-News for Tax Professionals Special Edition
Internal Revenue Service (IRS) sent this bulletin at 03/18/2020 04:03 PM EDT

Payment Deadline Extended to July 15, 2020

The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the April 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request a six-month extension to file their return.

This payment relief includes:

Individuals: Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief.

Corporations: For C Corporations, income tax payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due.

This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.

Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. If you file your tax return or request an extension of time to file by April 15, 2020, you will automatically avoid interest and penalties on the taxes paid by July 15.

The IRS reminds individual taxpayers the easiest and fastest way to request a filing extension is to electronically file Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses must file Form 7004.

This relief only applies to federal income tax (including tax on self-employment income) payments otherwise due April 15, 2020, not state tax payments or deposits or payments of any other type of federal tax. Taxpayers also will need to file income tax returns in 42 states plus the District of Columbia. State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details. More information is available at https://www.taxadmin.org/state-tax-agencies.