Federal Income Tax Filing Extended To June 15th
Mar 21, 2020 17:08:40 #
mas24 wrote:
Because of the Coronavirus Pandemic, the Federal Government has extended filing your Income Tax for 60 days. Due to massive layoffs of mostly small businesses, and a strain on hospitals and medical centers, the stimulant checks, will be delivered to taxpayers before the filing deadline.
What good is the IRS tax extension if Your state does not follow. So far, only a few states have extended their due date and none, that I saw listed, were extended to July 15.
Mar 21, 2020 17:18:58 #
All states allow for filing extensions. You can file for an automatic extension. A single form does the trick. They want the money on time. Always been that way.
The Treasury (IRS) determined delaying the payment of federal tax was a means of stimulus.
Some states are extending the payment date also but have fiscal year restraints.
You don't need a federal extension form this year to file by 7/15/20.
In GA you need to file a Form IT-303. Mark the Individual box and pay your best guess of what you owe. Always been that way.
All this has done is confuse things.
The Treasury (IRS) determined delaying the payment of federal tax was a means of stimulus.
Some states are extending the payment date also but have fiscal year restraints.
You don't need a federal extension form this year to file by 7/15/20.
In GA you need to file a Form IT-303. Mark the Individual box and pay your best guess of what you owe. Always been that way.
All this has done is confuse things.
Mar 21, 2020 18:19:24 #
mas24 wrote:
Because of the Coronavirus Pandemic, the Federal Government has extended filing your Income Tax for 60 days. Due to massive layoffs of mostly small businesses, and a strain on hospitals and medical centers, the stimulant checks, will be delivered to taxpayers before the filing deadline.
July 15th, not June.
Mar 21, 2020 18:29:46 #
Mar 21, 2020 19:50:34 #
Mar 21, 2020 22:34:04 #
rfmaude41
Loc: Lancaster, Texas (DFW area)
Doc Barry wrote:
No, filing date has not changed, only payment. Se... (show quote)
WRONG:
IR-2020-58, March 21, 2020
WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
From irs.gov
Mar 22, 2020 00:33:11 #
wrangler5
Loc: Missouri
It will be amazing if all states don't eventually fall in line with the Federal filing deadlines. While return filing extensions are fairly common among businesses and complex income individuals, most "ordinary" taxpayers have never filed one and many are unaware they exist. For a state to assume that vast numbers of their citizens will be able to determine that they need to file for a state extension, get and complete the necessary forms, and submit them to the state in the next 3 1/2 weeks would be political suicide for elected politicians.
Mar 22, 2020 00:55:04 #
wrangler5 wrote:
It will be amazing if all states don't eventually ... (show quote)
Some can't. Here in VA the fiscal year ends 6/30 so they shifted to June 1 and cannot go further.
Our legislature already adjourned and before leaving passed a new budget and spent money like drunken sailors. Now the particle matter has hit the spinning blades and that budget will be bleeding more red than a Halloween stalker film.
Mar 22, 2020 01:23:04 #
wrangler5
Loc: Missouri
Properframe wrote:
Some can't. Here in VA . . . .
Some states have filing dates that are explicitly tied to the Federal filing date, which is done to allow for automatic adjustment to DC holidays, etc, that affect the federal filing date, without the state legislature having to fiddle with it. But if a state specifies the date in a way that doesn't allow for more than a few days' adjustment, the citizens will just have to comply, either by filing the state return by 4/15 or filing for an extension. The extension CAN be done, of course - I work for an accounting firm for a few months each tax filing season, and we file extensions all the time. But for somebody who has never done it and is not accustomed to the process, it is a nontrivial effort.
Mar 22, 2020 01:48:07 #
The extension forms are designed to be one of the easiest forms in the system. Even if you fill it out with incorrect figures it is accepted. Only if you intentionally understate your tax liability to avoid paying the amount of tax due with the extension will the extension be denied. And that is done retroactively upon examination.
It is trivial. If you have income you are smart enough to file an extension.
I am tax CPA with 40 years experience and my name is on the door.
It is trivial. If you have income you are smart enough to file an extension.
I am tax CPA with 40 years experience and my name is on the door.
Mar 22, 2020 11:03:48 #
wrangler5
Loc: Missouri
I began practicing tax law in 1975, and agree that the extension form is indeed a simple thing. When you know what it is and how to do it. (In my return-preparation work at the accounting firm I can usually pop out an extension in under 20 minutes after first opening the data package, and some of that is completing the internal control sheets that accompany the return through the review, assembly, client contact and filing steps that others do after I'm done.)
My comment was from the standpoint of a "typical" filer with a W2 or two and maybe a 1099 for dividends or interest. I believe those make up the vast majority of tax filers, and for most of them I believe an extension would present as a shocking mystery. Sure, they can figure it out, but a lot of 'em will go through shock first.
Unless they can get help. Our county just shut down all "nonessential" businesses for 30 days, beginning Tuesday. If we had a non-moveable tax filing deadline (which we don't) I wonder if tax preparers would be designated "essential?"
My comment was from the standpoint of a "typical" filer with a W2 or two and maybe a 1099 for dividends or interest. I believe those make up the vast majority of tax filers, and for most of them I believe an extension would present as a shocking mystery. Sure, they can figure it out, but a lot of 'em will go through shock first.
Unless they can get help. Our county just shut down all "nonessential" businesses for 30 days, beginning Tuesday. If we had a non-moveable tax filing deadline (which we don't) I wonder if tax preparers would be designated "essential?"
Mar 22, 2020 15:50:15 #
Then being in the arena for that time frame you likely realize this is a new day. If someone is shocked by that form then how shocked were they on the first day of work when they were handed a W-4? If you can get your name, SSN and address onto an extension it is accepted even if the amount lines are all zeros.
Must be a different clientele as mine are high earners or business owners. We don't hold hands here.
Best of luck to you this season. We are running hard as usual every day including today. Easter is always the first day off each year from mid-January. Used to love Sundays for the quiet. Now it is filled with anxiety for what Monday will deliver financially. What a crap fest. On July 15th I plan on standing in the Brooks River with the bears and tax season long done.
Must be a different clientele as mine are high earners or business owners. We don't hold hands here.
Best of luck to you this season. We are running hard as usual every day including today. Easter is always the first day off each year from mid-January. Used to love Sundays for the quiet. Now it is filled with anxiety for what Monday will deliver financially. What a crap fest. On July 15th I plan on standing in the Brooks River with the bears and tax season long done.
Mar 22, 2020 20:37:02 #
mas24
Loc: Southern CA
tommyII wrote:
July 15th, not June.
You are correct. That's even better. An additional 30 days.
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