In light of current events and potential financial difficulties caused by the COVID-19 outbreak, the U.S. Treasury and IRS have announced several changes to tax season deadlines. Here is an overview of what you need to know.
The 2019 federal income tax filing and payment deadline has been extended to July 15, 2020.1
All taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax automatically receive a 90-day extension without penalties and interest, regardless of the amount owed. Taxpayers who need additional time beyond the July 15 deadline can request an extension. The IRS is still accepting returns and most tax refunds are still being issued within 21 days.1
The deadline to make contributions to IRAs or HSAs has been extended to July 15, 2020.2
Deadlines associated with contributions to workplace savings plans are not affected.2
The deadline for April 15 estimated tax payments has been extended to July 15, 2020.1
Please note: the regularly scheduled June 15 estimated tax payment deadline has not been extended as of our blog publication date.1
The 2019 PA personal income tax filing and payment deadline has been extended to July 15, 2020.3
For information on personal income tax filing and payment deadlines for other states, please click here.
If you have any questions about the new deadlines or want more information about how these changes affect your financial plan, please reach out to us!
While it’s our intention to keep you updated on the most recent information, this is not a replacement for real-life tax advice. We recommend that you consult your tax, legal, and accounting professionals before modifying your existing tax strategy.
1. IRS.gov, March 21, 2020
2. Fidelity.com, March 31, 2020
3. USAToday.com, March 30, 2020