New IRS Details on July Tax Filing Deadline
By: P. Lewis Robinson, CPA
As you might have already heard, due to the coronavirus pandemic, this year’s tax filing and payment deadlines for form 1040 has been extended to July 15 for many taxpayers. We also wanted to update you on a couple new details from the IRS about July tax deadline.
- You do not have to use a special form in order to be able to file using the July 15 deadline. If you file a return or an automatic extension request and pay your tax due by July 15, no interest or penalties will be due.
- Individuals can ask for an automatic extension of time to file (but not pay) by filing Form 4868 by July 15. The deadline to file these returns remains October 15, 2020 – as it would have been without the three-month filing and payment delay.
- The deadline to contribute to an Individual Retirement Account (IRA), Roth IRA, Health Savings Account, or Archer MSA is also extended to July 15.
- What DOES NOT qualify for the IRS’s three-month delay?
- Estate and gift taxes
- Excise taxes
- Information returns such as 1099 form and payroll taxes. Congress is considering a payroll tax deferral.
- Tax items that don’t have April 15 deadlines, such as the March 16 due date for partnership returns
For more information on this or other questions, check the IRS’s FAQs and its page devoted to the coronavirus issues. https://www.irs.gov/coronavirus
For more information about CapSouth Wealth Management, call our office at 800.929.1001 or visit our website at www.capsouthwm.com
CapSouth Partners, Inc., dba CapSouth Wealth Management, is an independent registered Investment Advisory firm. CapSouth does not offer tax, accounting, or legal advice. Consult your tax or legal advisors for all issues that may have tax or legal consequences. Information provided by sources deemed to be reliable. CapSouth does not guarantee the accuracy or completeness of the information.
