Federal and state tax relief as outcome of the pandemic

This represents a distillation of what I’ve been able to gather. While not definitive, I hope this will provide a starting point for discussion.

Everyone already is aware of the new July fifteenth deadline for payment of your 2019 tax. You can file form 4868 on or before April fifteenth and defer, as well, need to file a tax return for six additional months. However, you would still need to pay any tax owed by July fifteenth.

Word is the IRS is also granting relief to those who must pay 2020 estimated tax on April fifteenth. I’m a bit uncertain, but I think that payment also is deferred until July fifteenth. I’ve not been able to ascertain what, if any, changes apply to our June fifteenth estimated tax payments.

The IRS apparently has issued guidance on all this stuff, but that writing is not yet in widespread distribution. If anyone has it, please post a link.

ETA

CNBC has just published an update on this matter. There is a move afoot in Congress to change the filing date to July fifteenth so that it coincides with the new payment due date.

The filing date might be extended to coincide with the new payment date

This situation is clearly in a state of flux. Stay tuned for new developments.

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I’m one of those folks that need to pay estimated tax middle of April. Great to hold off until 7/15.

Thanks for this info. Good tax news for a change.

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Here’s a tax firms notes so far.

On the tax deferral

On the bailout/subsidies

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Those are excellent references. Thank you so much, xerty, for posting. OK, here is what it said:

No other extension is provided under Notice 2020-17 for the payment or deposit of any other type of federal tax or income tax payments due at any other times, or for the filing of any tax return or information return. Please stay tuned for further developments.

Focusing on “due at any other times”, I conclude the following:

Our estimated tax payments due on June15 continue to be due on June 15.

This seems to me a tad bit strange. In effect, taxpayers will be making their June 15 estimated tax payments BEFORE they pay, on July 15, the estimated tax payment due on April 15.

Also, this troubles me somewhat:

While the statement about payments due on April 15 would appear to be all inclusive, there is no specific mention made of the estimated tax payment due that day. For many of us, our April 15 estimated tax payment could easily be the largest payment we have due that day.

I hope the IRS continues to clarify all this prior to April 15.

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Hello and welcome to scripta! Hope you like this thread. Please pay special attention to xerty’s excellent post, above.

I have broadened the topic here for obvious reasons. The spreading pandemic has precipitated tax changes, or lack thereof, across the board, not just at the Federal level. Some things are changing, other things are not changing.

This is happening in California:

No help so far on Golden State property taxes

Feel free to post any taxation changes you find, whether they be Federal or state.

Pursuant to that, I continue to search for information on Federal estimated taxes. So far am unable to come up with anything specific.

I think with taxation, as with so many other things being impacted by the pandemic, events overwhelmingly remain in a state of flux.

Finally found an article which specifically mentions Federal estimated tax payments due on April fifteenth.

And, yes, those payments are now not due until July fifteenth! :sweat_smile:

Still am unable to locate anything which addresses our Federal estimated tax payments due on June fifteenth.

In addition this article, which was published only yesterday, has valuable information regarding coronavirus-related tax date changes for the following states:

California
Connecticut
Maryland
North Carolina
South Carolina
Washington

As you might imagine these specifics are different for every state. This thread is now open for posting of such information for any state, in addition to the Federal tax stuff.

Here is a link for you:

Federal and state coronavirus-related tax information

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Great news!

Forget what I wrote in the OP about form 4868. There is now, as of yesterday, no need to file that form!

The IRS has moved the filing date for your tax return to July fifteenth. Prior, need to pay was moved to that date, but you still had to file by April fifteenth.

Now, the need to pay date and the need to file date coincide. Both are July fifteenth. :grinning:

Link

I wish they allow more capital loss deduction than $3k.

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Thank you, sir. Although my state bill is minimal, I’ll happily delay my filing. I hope they don’t mind that it will be dated in March. :wink:

Or inflation-adjust it, or make it per person. I imagine there’s gonna be people with enough losses to carry over for the rest of their lives.

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I hope the payments for 4868 are still allowed, to take advantage of the credit card payments.

Also, the 1040ES payments have specific dates used by the 3 payment processors. Not sure if they are going to change the payment windows.

1st Quarter 03/01/20 - 05/15/20
2nd Quarter 05/15/20 - 07/15/20
3rd Quarter 07/15/20 - 10/15/20
4th Quarter 10/15/20 - 01/01/21

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Pursuant to my post, above, where other states were mentioned, can now report the State of Pennsylvania has delayed both filing of returns and payment of PA taxes to July fifteenth. Here is a link:

Pennsylvania mimics Feds re tax filing and payment and then goes even further

Reading through that, I offer kudos to the authorities in Pennsylvania because of the following:

They are delaying as well payment of Pennsylvania estimated tax due April fifteenth AND JUNE FIFTEENTH!

This is the first I have encountered any taxing entity addressing the June fifteenth estimated tax payment date. The Feds could learn from the people in Harrisburg. :wink:

I hope this matter is addressed by the Feds sooner rather than later.

I really enjoy not having to file or pay my taxes on April fifteenth . . . . . . . . . . . to the point of having been carried away and ignoring (on this thread) the obvious. Will try to correct that failing now:

Suggest everyone file their taxes pronto. That’s file, not pay. Reason behind this suggestion:

fraud avoidance

Yeah, it’s obvious. But felt I needed to include it here lest anyone lose sight of the obvious in the midst of euphoria. :wink:

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Automatic extension to July 15 from April 15, no interest / penalties for non-payment til then, no limit on amount.

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Can’t say lifting of the million dollar ceiling impacts me at all. :wink:

Still looking, at the Federal level, for a pronouncement regarding estimated tax payments due on June fifteenth.

Up to 1 year mortgage deferral if you lose your job due to virus shutdown. Contact your mortgage lender.

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1099 forms and payroll taxes… Doesn’t that pretty much affect everyone here??

"What doesn’t qualify for the IRS’s three-month delay?

Among other things: estate and gift taxes, excise taxes, information returns such as 1099 forms, and payroll taxes—although Congress is considering a payroll-tax deferral. In addition, tax items that don’t have April 15 deadlines, such as the March 16 due date for partnership returns, don’t qualify for the extension."

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