With the IRS Postponements and Extensions, Here’s What Needs to Be Done Now
April 9, 2020
The IRS has issued numerous postponements and extensions of deadlines for returns, payments, retirement plan contributions, and other items normally due April 15, 2020.
Below is a list of items that still have an April 15 deadline:
- Estate Tax Return (Form 706)
- Split-Interest Trust Information Return (Form 5227)
- Corporation Application for Quick Refund of Overpayment of Estimated Tax (Form 4466)
- Refund claims for which the refund statute of limitations expires on April 15
Additionally, there are certain items on which the IRS has yet to issue guidance. Therefore, out of an abundance of caution, we recommend that the following items, or an application for an extension of time, should be filed by April 15:
- Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts (Form 3520)
- Application for Change in Accounting Method (Form 3115)
There are other deadlines occurring after April 15, but before July 15, that have not been extended. These include:
- Payroll tax returns (Forms 941), due April 30
- Excise tax returns (Form 720), due April 30
- Tax-Exempt organization returns (Forms 990), due May 15
- IRA Contribution Information (Forms 5498 series), due June 1
- Fiscal-year or short-year returns due May 15 or June 15
- Second quarter estimates, due June 15
- Income Tax Return of a Foreign Corporation* (Form 1120-F), due June 15
- Nonresident Alien Income Tax Return** (Form 1040-NR), due June 15
In addition to these federal due dates, some states still have not postponed or extended due dates for filing returns and/or paying taxes.
There are still advantages to filing your return by April 15, including the ability to accelerate refunds, if applicable, receive important cash flow planning information, and carry back losses based on the recently passed legislation. Note that you can still file your return by April 15 but postpone the payment of any taxes until July 15.
Cherry Bekaert remains committed to providing you a superior client experience. We continue to work hard and creatively to meet your tax return needs and encourage you to submit your tax information to us as early as you can.
* With No Office or Place of Business in the US
** For Individuals Who Did Not Receive Wages Subject to US Income Tax and Trusts That Do Not Have an Office In the US
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