Filing and Payment Deadlines Extended
The Treasury Department and Internal Revenue Service announced Friday that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. The deferral of income tax payments includes both 2019 balance due and the 1st quarter 2020 estimated tax payment.
Individual Retirement Account (IRA) contributions have been due by 4/15 of the following year to qualify for the prior year. With the extended due date of the income tax return, this also extends the date in which to make your IRA contribution for 2019 to 7/15/2020.
Arizona and Oklahoma have likewise extended the time for the filing and payment of taxes. Kansas has yet to enact a similar extension. We will keep you apprised of changes as they occur.
Thank you for your understanding. We hope you all stay healthy.