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Extension of Tax Deadlines

At TBC we have been continuously monitoring all developments regarding the coronavirus (COVID-19).  March 20, 2020 the US Treasury Secretary announced an additional three months to file taxes amid the coronavirus pandemic.

U.S. Tax Day is moving from April 15 to July 15.  All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.

For FAQs please visit: https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers

For more information on NYS deadlines: https://www.tax.ny.gov/press/alerts/nys-tax-response-to-covid-19.htm

Just because the deadline has been extended does not mean we will slow down on our filings.  We are still encouraging all clients to submit tax documents as soon as possible, so we can continue to process returns.  Please send your Accountant all necessary information electronically through our secure system.  If you need assistance doing this, please email your Accountant.  If you still need to drop off paperwork, there will be a box located outside our front lobby door from 8:30am until 5:30pm.

Questions and Answers for Return and Estimated Due Dates:

Individual Filers have until 7/15/2020 to file their 2019 Federal tax return. Most states have adopted the 7/15/2020 filing deadline as well but you should consult your tax advisor for your situation.

    • Federal Individual Estimated Tax Payments:
      • Q1 Estimates are delayed until 7/15.
      • Q2 – Q4 Estimates are due 6/15/2020, 9/15/2020, 1/15/2021, respectively
    • State Individual Estimated Tax Payments:
      • Each State is different. You should consult your tax advisor
    • Gift/Estate/Trust Filers have until 7/15/2020 to file their 2019 Federal tax return
    • Fiscal Year Filers: All Fiscal year filers tax returns that were due on 4/15/2020 are now due on 7/15/2020. This is regardless of if your due date was the original due date or if 4/15 was your extended due date.

**No relief has been given to any taxpayer with a filing due date other than 4/15**

If you have any questions regarding these deadlines, contact your Accountant directly.  We wish you and your families’ continued good health and wellness.

Teal, Becker & Chiaramonte Certified Public Accountants