US Federal Tax Deadlines for 2020. When are the taxes due?
Jun 10, 2020
When is the US Federal Tax Deadline for 2020?
The original tax deadline, as all taxpayers would know, was April 15, and you could extend it only by an extension request.
But IRS, with the U.S. government decision, extended it to provide extra time for the taxpayers to manage their taxes during the Corona Virus.
July 15th is the new federal tax deadline both to file and pay the taxes.
The IRS says taking advantage of the extra 90 days will not incur interest or penalties.
You cant' delay your payment after July 15. If you need help with your tax preparation or cleaning up your books, time is limited.
We help online small business owners to get their financials and taxes in order.
SCHEDULE A CALL with us now so that we get your books in order ASAP and get your business taxes filed on time.
Can I get an extension in 2020... again?
Normally, you had until the April tax deadline to file for the extension that gave you time until October.
In 2020, with the IRS pushing the tax-filing deadline to July 15, everyone gets an extra three months.
But if you still can't file your tax return by July 15th, you still can get an extension to file, but you can not further delay your payment.
- Getting an extension does not entitle you to more time to pay — it only gives you more time to file your return. In simple terms, if you can’t file your return by the July 15 deadline, you need to estimate your taxes and pay as much of that as possible latest by July 15th.
- Anything you owe after the deadline is subject to interest and a late-payment penalty — even if you get an extension for filing your tax return.
- It is possible, not guaranteed, that you may get a break on the late payment penalty if you’ve paid at least 90% of your actual tax liability by the July 15 deadline and you pay the rest with your return.
What about the tax deadlines for quarterly estimated payments in 2020?
The IRS requires quarterly estimated tax payments from businesses.
If your question is when are the taxes due for the quarterly taxes, the answer is "it varies" for the quarters.
With the US Federal Tax Deadlines for 2020 being pushed to July 15, the quarterly tax payments are also adjusted as per the below table.
| For the periods | Old Deadline | New Deadline |
| 09/01-12/31, '19 | Jan 15, '20 | No Change |
| 01/01–03/31, '20 | April 15, '20 | July 15, '20 |
| 04/01–05/31, '20 | Jun 15, '20 | July 15, '20 |
| 06/01–08/31, '20 | Sept 15, '20 | No Change |
| 09/01–12/31, '20 | Jan 15, '21 | No Change |
If you need help to file your return, clean up your books, time is limited. Let us know if we can help by scheduling a call.
About Author:
Cenk has more than 30 years of experience in accountancy and strategy as the ex-CFO and board member of PepsiCo subsidiaries. He is a US CPA and a Strategic CFO from Wharton.
