The Treasury Department, Internal Revenue Service and the Georgia Department of Revenue announced that the federal and state income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
Taxpayers can also defer federal and Georgia 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. Tax deferral is available to July 15 for:
- Federal and Georgia Income Taxes Due on 2019 income tax returns originally due April 15, 2020
- Federal and Georgia Quarterly Estimated Tax payments for the first quarter of 2020
Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief.
***Important: Since many details are unknown to date, we will continue to monitor the situation and update you with any significant changes.
- It is not yet known if other states will follow suit and modify their filing and/or paying due dates. Therefore, we must proceed by assuming the state due dates remain April 15 for both state income tax and state estimated tax payments, until further updates address this specifically.
- IRA and Roth IRA funding deadlines remain April 15 until further updates address this.
- The 2nd Quarter Estimated Tax Payment deadline remains June 15 although the 1st Quarter Estimated Tax Payment deadline has changed to July 15.
- FBARs, Gift Tax Returns and many other filings have not been addressed to date as well.
SJG has developed policy and contingency plans to help maintain our service levels. We will continue to work remotely and will be available to answer questions and assist our clients navigate thru these uncertain times.
We encourage our clients, friends and family to “stay the course” and continue to submit income tax documentation as they become available so as to obtain refunds as soon as possible, ensure state income tax compliance and to avoid a crush at July 15th.
We encourage our clients to submit work/documents electronically via ShareFile in order to minimize delays and we will in turn provide completed projects to clients electronically.
Extending our thoughts and prayers to your families and business associates.