• What does the new deadline really mean for taxpayers?
  • What was extended and what remains due on April 15

Filing Extension Explained:

On Wednesday, the IRS announced the official extension of this year’s individual federal tax return filing deadline to May 17th. However, there remains a bit of confusion over what deadlines have been extended.

The following deadlines have not been affected by the IRS notice:

  • Estimate Payments: First quarter estimate payments are currently subject to the original deadline of April 15.
  • Extended State Returns: This year, several states have been granted extended filing periods due to natural disaster. The following extended deadlines remain as follows:
    • Maryland: Individual –> July 15
    • Oklahoma: Individual –> June 15
    • Texas: Business –> June 15
  • Other State Returns: All other states that collect income taxes and have not received special extensions are currently under the April 15 deadline. However, it is likely that many states will follow the federal and extend to May 17.
  • Trust/Estate Returns: All trusts and estates filing a Form 1041 tax return, currently due April 15.
  • Corporate Returns: All C-corporations filing a Form 1120 tax return, currently due April 15.
  • Gift Tax Returns: All taxable transfers of property from 2020 are required to file a Form 709 gift tax return, currently due April 15.
  • FinCEN Returns: Americans with foreign bank accounts are required to file a FinCEN Form 114, currently due April 15.

If any of the above returns and/or payments apply to you, it’s time to get to work—and DSJCPA is ready to help! Call our offices at 516-541-6549 and visit our website for more information and COVID-19 news updates.

Devin McQuillan
Associate, Creative Solutions

Contact:
516-541-6549 | Email

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