Important Announcements Regarding 2019 and 2020 Income Taxes

Posted by Linda Markowitz
on April 12, 2020

We hope that all of you are safe and we in turn are doing what we can to support our clients and each other by working remotely and doing our best to meet your needs under difficult circumstances. We are “meeting” by email and phone, Facetime, Zoom and Skype.as requested. We leave information about the virus and pandemic to other sources, but we can give you some updates in this ever evolving landscape.

INCOME TAX RETURNS AND INCOME TAXES FOR 2019

Federal: The due date for federal income tax returns and making federal income tax payments due April 15, 2020 has been automatically postponed to July 15, 2020. Taxpayers do not have to file any form, including Form 4868 or 7004 to apply for extensions to file their returns. There is no limitation on the amount of the payment that may be postponed. The relief is available for federal income tax payments(including payments of tax on self-employment income) and federal estimated income tax payments (including payments of tax on self-employment income) due on April 15, 2020.

While the postponement moves the deadline for first quarter 2020 estimated income tax payment die on April 15, 2020 to July 15, 2020, note that second quarter 2020 estimated income tax payments are still due on June 15, 2020.

The due date for federal Gift Tax Returns, Form 709 and making payments of federal gift and generation skipping transfer tax due April 15, 2020 is also postponed. Again, the relief is automatic and there is no requirement to file any form.

New York State: New York State personal income tax and corporation tax returns originally due on April 15, 202 have also been extended to July 15, 2020. In addition, all related tax payments due on April 15, 2020 (including 2020 estimated tax payments) may be deferred to July 15, 2020. without penalties and interest, regardless of the amount owed. This extension applied to returns for individuals, fiduciaries (estates and trusts) and corporations under the tax law.

 

Announcement Regarding Tax issue Last revised 4.12.2020. The information provided in this Announcement is not intended to be specific legal advice or to be followed without individualized, professional guidance and assistance.

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