Don’t Forget about the July 15 due date for certain tax returns and estimated tax payments
In response to the Coronavirus crisis, the IRS and most states, including New York, generally postponed tax return filing requirements and estimated tax payment requirements for returns and payments originally due on April 15.
Taxpayers who have not yet filed their returns will need to request extensions by July 15 and pay any projected balance due along with any estimated tax payments needed for the 1st and 2nd quarters of 2020.
Taxpayers who already filed their return but haven’t yet mailed in a check for the 2019 balance due or any recommended estimated tax payments should be sure such payments are post marked by July 15.
Some of the returns and payments due by July 15 include:
- Individual federal and New York state tax returns and balance due
- Federal 2020 individual estimated tax payments for the 1st and 2nd quarter
- New York state 2020 individual estimated tax payments for the 1st (If you missed the NY 2nd quarter estimated tax payment that was due by June 15, pay this installment also at July 15.)
- Estate and Trust tax returns and estimated payments
- Gift and Generation Skipping Transfer Tax returns
- Corporation income tax returns and estimated tax payments
Businesses paying federal taxes using the EFTPS system should be sure to initiate their payment at least one day in advance of the deadline.
We recommend that clients who haven’t yet sent in their tax information should do so as soon as possible so we can either prepare your returns or request extensions by the July 15 deadline.
Please contact us if you expect to need to request an extension to file your returns, or if you need guidance on estimated tax payments.