Filing Extensions

[ttbtaxes]

We all have a handful of individual tax clients who ask us to file an extension every year and they come to us in September for the October 15 deadline.

For those clients, should we be filing an extension on April 15 or can it be filed on July 15?

[Uncle Sam]

I would file extensions NOW regardless of the July 15th automatic extension if the client is holding their breathe for a K-1 from a partnership or S Corp - which doesn't usually arrive until late August-mid-September - by that time it's too late to request a further extension.

[ATSMAN]

i already have an e-mail to my usual extension filers about that. I don't think they can file extension on 7/15. It is by 4/15 if they want 10/15. Let's see if there is any clarification.

[dtlee]

I am not awaiting a change to allow a 7/15 date to allow valid extensions, though I believe it could happen. I am sending them in now.

Right now, NY still requires payment by 4/15 though the IRS payment is not due until 7/15. I will likely work with clients by phone to figure out how to pay by those dates if they remain in place.

[ATSMAN]

I am not awaiting a change to allow a 7/15 date to allow valid extensions, though I believe it could happen. I am sending them in now.

Right now, NY still requires payment by 4/15 though the IRS payment is not due until 7/15. I will likely work with clients by phone to figure out how to pay by those dates if they remain in place.

I think that is the prudent way to deal with this issue. I am advising my MA taxpayers to pay with an extension if needed at least 80% of tax liability just in case our Gov. does not follow through what he promised earlier. Just too much confusion over it. I love that AICPA Chart that has all states listed and is frequently updated by them.

[dtlee]

I love that AICPA Chart that has all states listed and is frequently updated by them.

Great resource and hopefully I won't get in trouble for linking to it here.

[ttbtaxes]

Today, the IRS provided a lot of clarity to questions we've all had:

https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers?fbclid=IwAR0053li6v7_99VIdzpwY0st4JoVwTcMxWOZiX8qp5gTWED9ZAF9C0boJCs

[dtlee]

Today, the IRS provided a lot of clarity to questions we've all had:

https://www.irs.gov/newsroom/filing-...ED9ZAF9C0boJCs

That is a great link and the specific answer this thread was discussing is:

Q12. What if I am unable to file my 2019 income tax return that would have been due on April 15 by July 15, 2020?

A12. If you are an individual, you can request an automatic extension to file your Federal income tax return if you can’t file by the July 15 deadline. The easiest and fastest way to request a filing extension is to electronically file Form 4868 through your tax professional, tax software, or using the Free File link on IRS.gov. Businesses, including trusts, must file Form 7004.

You must request the automatic extension by July 15, 2020. If you properly estimate your 2019 tax liability using the information available to you and file an extension form by July 15, 2020, your tax return will be due on October 15, 2020. To avoid interest and penalties when filing your tax return after July 15, 2020, pay the tax you estimate as due with your extension request.

[Burke]

Today, the IRS provided a lot of clarity to questions we've all had:

https://www.irs.gov/newsroom/filing-...ED9ZAF9C0boJCs

YES! IRA deadlines are also extended. Now just have to deal with the states......

[dtlee]

The AICPA document was updated a couple of hours ago and now contains a summary of the states at the start of it.

[Burke]

The AICPA document was updated a couple of hours ago and now contains a summary of the states at the start of it.

I got the chart, but didn't see any summary at the beginning.

[ATSMAN]

For those clients, should we be filing an extension on April 15 or can it be filed on July 15?

I believe IRS has clarified that you could file extension on 7/15 to move it up to 10/15. I am still filing extensions on 4/15 for those clients that stretch it to 10/15 in normal years!

[dtlee]

I got the chart, but didn't see any summary at the beginning.

It begins on the first page where it says, "Summary of States Filing Relief." If you downloaded it a couple of days ago, it did not have it. It has been updated 2 or 3 times a day this week.