Filing relief - deadlines & payments re: coronavirus

[jklcpa]

We're getting a lot of duplicate posts on these topics. In an effort to consolidate, I'll be pinning this one.

If anyone has additional links to share specific to easing of deadlines for filing or payments, please do so but try to keep chatter down as we have a few other topics of discuss to post there.

FEDERAL:

Payment AND filing dates are now automatically extended to July 15, 2020 without penalties and interest regardless of the amount owed.  First quarter estimate date is also extended. 

Link to the actual relief enacted:  https://www.irs.gov/pub/irs-drop/n-20-17.pdf

2020-18 supercedes 2020-17, found here at the following link. https://www.irs.gov/pub/irs-drop/n-20-18.pdf

2020-20 extends filing date of Form 709 to July 15th.

[jklcpa]

FOR STATES:

AICPA is maintaining a list of each states' filing relief and requirements: https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf

Here is a list with links to each state dept of revenue for any additional information or press release that a state may have issued:  https://www.taxadmin.org/state-tax-agencies

If anyone has additional links to share specific to easing of deadlines for filing or payments, please do so but try to keep chatter down as we have a few other topics of discuss to post there.

[jklcpa]

11 hours ago, Yardley CPA said:

I received the following email from Wolters Kluwer:

 

[jklcpa]

IRS Newsroom page on issues related to the filing and due dates in a Q&A format, organized by subject. Subheadings with many questions cover who is eligible for relief; filing and payment questions; effect on contribution dates of IRAs, HSAs, Archer MSAs, an a couple of other miscellaneous issues. 

https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers

 

[jklcpa]

From Tax Foundation -  State Legislative Responses to COVID-19:

https://taxfoundation.org/state-tax-coronavirus-covid19/?fbclid=IwAR05E2ch588Qce0JTQB7HZBXp_2I7UavjzGQMxhYWWwgnJGcC2LoM4scTRY

 

[Lee B]

2 hours ago, jklcpa said:

From Tax Foundation -  State Legislative Responses to COVID-19:

https://taxfoundation.org/state-tax-coronavirus-covid19/?fbclid=IwAR05E2ch588Qce0JTQB7HZBXp_2I7UavjzGQMxhYWWwgnJGcC2LoM4scTRY

 

Just be aware that the information about Oregon on this site is incomplete. 

[Randall]

Kentucky has followed the Federal extensions.  In northern Ky, 3 counties (Kenton, Boone and Campbell) have followed the extensions.  Including the cities that report on the County form.  Several cities who have their individual form haven't reported an extension yet.  The Kentucky Society of CPAs has a link for which local jurisdictions are offering extensions.

 

[Catherine]

MA now matches federal for INDIVIDUALS (with Q2 ES pmts still due 6/15 even though Q1 isn't due until 7/15).  They've been talking about that for businesses, too, but there is nothing definitive yet.

[Randall]

On 3/27/2020 at 6:23 PM, Randall said:

Kentucky has followed the Federal extensions.  In northern Ky, 3 counties (Kenton, Boone and Campbell) have followed the extensions.  Including the cities that report on the County form.  Several cities who have their individual form haven't reported an extension yet.  The Kentucky Society of CPAs has a link for which local jurisdictions are offering extensions.

 

Cities of Florence and Covington (in northern Ky) have granted the extensions, both filing and paying without penalty or interest.

 

[GraceNY]

 https://www.tax.ny.gov/pdf/notices/n20-2.pdf  New York Notice regarding filing and payment deadline as well  1st quart estimated tax.

[gfizer]

On 3/27/2020 at 6:23 PM, Randall said:

Kentucky has followed the Federal extensions.  In northern Ky, 3 counties (Kenton, Boone and Campbell) have followed the extensions.  Including the cities that report on the County form.  Several cities who have their individual form haven't reported an extension yet.  The Kentucky Society of CPAs has a link for which local jurisdictions are offering extensions.

 

It should be noted that according to the Kentucky Department of Revenue website that income tax payments received after April 15th will not be subject to penalty but WILL be subject to interest since Kentucky law prohibits the waiver of interest.

[Max W]

This was put out this AM

"In the coming weeks, the Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail,” 

 

 

[Hahn1040]

I just updated my forms and ATX has updated the E-file in support of Extenders Legislation

updated to allow Direct Debit payments dates of up to new due date of 7/15/2020

[jklcpa]

IRS has now extended the deadline to July 15th for Form 709 for gifts and GST.

Per notice 2020-20.

[Randall]

2 hours ago, gfizer said:

It should be noted that according to the Kentucky Department of Revenue website that income tax payments received after April 15th will not be subject to penalty but WILL be subject to interest since Kentucky law prohibits the waiver of interest.

I got an email from Ky Society of CPAs on Ky legislation.  Yes originally Interest was not included because it needed to be waived by legislation.  A new bill has passed and is waiting on Governor's signature to include the waiver of interest until July 15.  I'm not sure if it's official yet but I think it's coming.

 

 

[gfizer]

Just now, Randall said:

I got an email from Ky Society of CPAs on Ky legislation.  Yes originally Interest was not included because it needed to be waived by legislation.  A new bill has passed and is waiting on Governor's signature to include the waiver of interest until July 15.  I'm not sure if it's official yet but I think it's coming.

 

 

Well, that is good to know.  Thanks for the update.