Last week it was announced during a press conference that IRS would be extending the deadline for 1040 filings and providing some relief on payments. This week the IRS issued written guidance explaining what that means to taxpayers.
The due date for all 1040 returns has been automatically extended from April 15th to July 15th.
In addition, all federal income tax payments due April 15th can also be deferred until July 15th, without penalty or interest, regardless of the amount owed.
Note that this applies to both your 1040 payment and your quarterly self-employment tax payments.
You can view the official IRS news release at https://www.irs.gov/newsroom/tax-day-now-july-15-treasury-irs-extend-filing-deadline-and-federal-tax-payments-regardless-of-amount-owed.
For future updates on taxes and the coronavirus, you can visit https://www.irs.gov/coronavirus.
Clergy Financial Resources serves as a resource for clients to help analyze the complexity of clergy tax law, church payroll & HR issues. Our professionals are committed to helping clients stay informed about tax news, developments and trends in various specialty areas.
This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Clergy Financial Resources and the author do not assume responsibility for any individual’s reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique. If you are seeking legal advice, you are encouraged to consult an attorney.
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