IRS Response to COVID-19
In response to COVID-19, the Treasury Department and IRS have arranged special federal income tax return filing and payment relief. Find out how this affects you:
Any person with a federal income tax return or payment due on April 15, 2020 is eligible for payment relief. This includes not only individuals but also trusts, estates, corporations, and unincorporated business entities. You do not need to be sick with the coronavirus or under quarantine to qualify for payment relief.
Tax Filing Deadlines Postponed
The deadline for filing federal income tax returns has been extended from April 15 to July 15. The Indiana Department of Revenue has extended the deadline for state tax returns from April 15 to July 15 as well. You do not need to do anything extra or additional to qualify for the postponement; it is applied automatically. The deadline extension applies to the following forms:
Form 1040, 1040-SR, 1040-NR, 1040-NR-EZ, 1040-PR, and 1040-SS
Form 1041, 1041-N, and 1041-QFT
Form 1120, 1120-C, 1120-F, 1120-FSC, 1120-H, 1120-L, 1120-ND, 1120-PC, 1120-POL, 1120-RIC, and 1120-SF
Any taxpayers who have filing or payment due dates other than April 15 have not been postponed at this time. Also, normal filing and payment due dates continue to apply to estate and gift taxes.
If you have already filed your 2019 income tax return and owe money, you must pay it by July 15 to avoid penalties. If you have already scheduled a payment of taxes for April 15, the payment will be made on the date you chose unless you manually cancel and reschedule your payment.
As part of this arrangement, the deadline for making contributions to your IRA for 2019 is extended to July 15, 2020. Also, you may make contributions to your HSA or Archer MSA up to July 15.
As the COVID-19 situation continues to evolve, additional arrangements may be made or adjusted by the IRS. You can check "Personal Income Tax Planning" by Leimberg, LeClair & Lackner, Inc. for updates.