IRS Will Not Extend July 15 Filing Deadline
By Alan S. Kufeld, CPA, Partner, Leo Parmegiani, CPA, Partner, and Christopher Migliaccio, JD, Senior Manager
This is part of a continuing series updating our clients regarding the effects on tax filings due to COVID-19. You can access our COVID-19 Resource Center here.
If you were hoping the IRS would further extend the July 15 deadline for individual and business tax filings because of the continued COVID-19 pandemic…you’re out of luck.
The IRS has issued a statement indicating that it will not extend the July 15 deadline, meaning July 15 will act as April 15 for the 2019 tax year. The IRS had previously extended return and payment due dates between April 1, 2020 and July 15, 2020 to July 15, 2020 for most filers in a Notice in April. [Our related article can be accessed here.] However, perhaps because of the October 15 deadline that was proposed in an early version of the CARES Act (but was removed from the final version), some had expected further extensions.
“The IRS understands that those affected by the coronavirus may not be able to pay their balances in full by July 15, but we have many payment options to help taxpayers,” IRS Commissioner Chuck Rettig said in a statement.
Filers who are not prepared to file returns by July 15 may request an extension to October 15. However, the extension must be accompanied by an estimate of taxes owed. Thus, it will be important for taxpayers who have not yet filed to put together their estimates in a timely fashion.
PKF O’Connor Davies is monitoring the situation in Washington, DC and as guidance changes we will keep you informed. If you have any questions, please contact the partner in charge of your account or:
Alan S. Kufeld, CPA
firstname.lastname@example.org | 646.449.6319
Leo Parmegiani, CPA
email@example.com | 646.699.2848
Christopher Migliaccio, JD
firstname.lastname@example.org | 646.699.2890