IRS offers additional relief by extending more tax deadlines, including estimated payments.
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To our valued clients,

The IRS extends more tax deadlines

Last month, the Internal Revenue Service (IRS) announced that the tax filing season had been pushed to July 15, 2020. A few days later, the IRS issued guidance, making official the announcement tweeted by Treasury Secretary Steven Mnuchin (and subsequently retweeted by the IRS) that the due date for filing tax returns and making tax payments has been extended from April 15 to July 15. 

April 9, 2020, the Department of the Treasury and the Internal Revenue Service announced extending additional key tax deadlines for individuals and businesses.

Among the additional extensions include two: first-quarter estimates and those 2016 refund deadlines:

  • The IRS has made clear that relief now applies to estimated tax payments due June 15, 2020. Previously, the relief only applied to the April 15, 2020, estimated payments. Now, it’s clear that any individual or corporation that has a quarterly estimated tax payment due on or before July 15, 2020, can wait until July 15 to make that payment without penalty.  

  • The IRS had also previously stated that taxpayers seeking refunds for the 2016 tax year needed to comply with the April 15 deadline. That has now been pushed to July 15, 2020. The law provides a three-year window of opportunity to claim a refund. You must properly address, mail, and ensure your tax return is postmarked by July 15, 2020, to request a refund for the 2016 tax year.

Taxpayers should still check in with their states, as their deadlines may differ. 

Please call your trusted Machen McChesney advisor if you have any questions.

Best Regards,

Martin D. Williams, CPA,
Managing Partner
Machen McChesney, LLP

Montgomery: 1761 Taliaferro Trail | Montgomery AL 36117

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