Extension of The Tax FIlling Deadlines For Trust, Estates & More
Updated: Mar 22
The Department of Treasury and the Internal Revenue Service announced yesterday that tax filing and payment deadline relief has been automatically extended to all taxpayers with a filing deadline falling on or after April 1, 2020 and before July 15, 2020. The expanded relief includes, individuals, trusts, estates, corporations, and other non-corporate tax filers. No late filing penalty, late payment penalty or interest will be due for individuals and entities that fall under the expanded relief. If you’re unsure whether or not this extension applies to you, consult your tax accountant in Las Vegas or read below.
Extended Forms, Payments & Estimates
Estimated taxes: Deadline extended for the April 15 and June 15 estimates to July 15, 2020.
Unclaimed 2016 refunds: Deadline extended for filing and claiming a 2016 refund to July 15.
Installment payments: Installment payments extended to July 15, 2020.
American citizens living abroad: Deadline extended to July 15, 2020.
Federal Tax Forms & Payments Included in the Relief
Form 1040 - Individual income tax payments and return filings on Form 1040, U.S. Individual Income Tax Return, and other forms in the 1040 series.
Forms 1120 - Calendar year or fiscal year corporate income tax payments and return filings on Form 1120, U.S. Corporation Income Tax Return and other forms in the 1120 series.
Forms 1066 and 1065 - Calendar year or fiscal year partnership return filings on Form 1065, U.S. Return of Partnership Income, and Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return.
Forms 1041 - Estate and trust income tax payments and return filings on Form 1041, U.S. Income Tax Return for Estates and Trusts and other forms in the 1041 series.
Forms 706 - State and generation-skipping transfer tax payments and return filings on Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return and other forms in the 706 series.
Forms 8971 - Information Regarding Beneficiaries Acquiring Property from a Decedent and any supplemental Form 8971.
Form 709 - Gift and generation-skipping transfer tax payments and return filings on Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, that are due on the date an estate is required to file Form 706 or Form 706-NA.
Estate Tax Payments - Estate tax payments of principal or interest due as a result of an election made and annual recertification requirements.
Form 990-T - Exempt organization business income tax and other payments and return filings on Form 990-T, Exempt Organization Business Income Tax Return.
Forms 990 - PF, 4720 - Excise tax payments on investment income and return filings on Form 990-PF, Return of Private Foundation or Trust Treated as Private Foundation and excise tax payments and return filings on Form 4720, Return of Certain Excise Taxes.
IRS Extended Deadlines
The IRS has also extended some of its deadlines for 30 days. Taxpayers affected include those:
with cases with the Independent Office of Appeals
who submit amended returns or submit tax payments for which the assessment period would expire on or after April 6, 2020, and before July 15, 2020
Please Note – The extensions outlined above do not apply to any other type of federal tax or to any federal information returns.
Please contact a member of your FAL client service team for additional guidance or clarity.
Contact a Tax Accountant in Las Vegas Today
For more information on these changes, reach out to a tax accountant in Las Vegas at FAL. Contact us today at 702-870-7999.