Below please find updated information from one of our community partners, Cherry Bekaert, regarding upcoming tax deadlines for 2020. If you have any questions concerning taxes feel free to email us at firstname.lastname@example.org and we will connect you with your local Cherry Bekaert office.
The IRS recently issued Notice 20-23, which amplifies the relief provided in earlier notices and provides for an almost comprehensive postponement to July 15, 2020, for federal income tax returns, payments, and other time-sensitive acts normally due between April 1, 2020, and July 15, 2020. The items, otherwise due between April 1, 2020, and July 15, 2020, that were noted in our last guidance that have now been postponed to July 15 include:
Estate Tax Return (Form 706)
Split-Interest Trust Information Return (Form 5227)
Corporation Application for Quick Refund of Overpayment of Estimated Tax (Form 4466)
Refund claims for which the refund statute of limitations expires between April 1 and July 15
Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts (Form 3520)
Application for Change in Accounting Method (Form 3115)
Return of Organization Exempt From Income Tax (Form 990)
IRA Contribution Information (Form 5498 series)
Income Tax Return of a Foreign Corporation (Form 1120-F)
Nonresident Alien Income Tax Return (Form 1040-NR)
Fiscal-year or short-year returns
Second quarter estimates
The items that have NOT been postponed until July 15 are:
Employer's Quarterly Federal Tax Return (Form 941)
Quarterly Federal Excise Tax Return (Form 720)
The IRS has provided guidance on additional tax acts that have been postponed, including Qualified Opportunity Zone investments, 1031 like-kind exchanges, applications for tentative refunds, and elections under section 163(j), and provided relief to partnerships to be able to file amended returns.
There are distinct advantages to starting your tax return preparation process now if you have not already done so, including the acceleration of any current-year refunds you may be due. Furthermore, recently enacted legislation has created significant tax planning opportunities to amend prior year returns for additional refunds as well as reduce current year taxes. Most of these tax planning opportunities require significant analysis and many require separate studies. We strongly encourage you to start now.
Note that you can still file your return but postpone the payment of any federal taxes until July 15.