Good Morning,
Previously, the Secretary of the Treasury granted an extension of time until July 15, 2020, to make payments and file tax returns that were otherwise due April 15, 2020. Late yesterday, additional broad tax filing and payment relief was granted. This additional relief applies to certain taxpayers who have a filing requirement or payment deadline on or after April 1, 2020, and before July 15, 2020. During this period, there will be no interest, penalty, or additional tax assessed.
Payment and filing obligations included in this additional relief are:
- Individual income tax payments and return filings on Form 1040
- Quarterly estimated income tax payments calculated on, or submitted with, Form 1040-ES (individuals), Form 1120-W (corporations), and Form 990-W (exempt organizations). Notably, estimated taxes due June 15, 2020, are extended to July 15, 2020
- Calendar year or fiscal year corporate income tax payments and return filings on Form 1120
- Fiscal year partnership return filings on Form 1065 and fiscal year income tax payments and return filings on Form 1120-S
- Estate and trust income tax payments and return filings on Form 1041
- Estate and generation-skipping transfer tax payments and return filings on Form 706
- Gift and generation-skipping transfer tax payments and return filings on Form 709
- 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
- Schedules, attachments, and other forms required to be filed as attachments to other Forms extended under this section
The above listing includes the most common tax payments and forms specified by the extended relief. Notably excluded from this extension relief are returns of organizations exempt from income tax filed on Form 990, 990-EZ and 990-N.
If you have any questions about a particular tax payment or filing requirement not listed, please feel free to contact us.
At the time of this communication, the State of Alabama has not released any updates on deadline extensions or waived penalties related to this expanded relief, but we anticipate the same relief being granted. We will continue to provide updates as additional information becomes available.
The State of Mississippi previously extended tax payments and return filings until May 15, 2020, for payments and returns otherwise due April 15, 2020. At the time of this communication, the State of Mississippi has not released any further updates.
As always, feel free to reach out to us with any questions or concerns.
Continued best wishes to all for your health and safety,
The Partners of
Russell Thompson Butler & Houston, LLP