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Tax Return Filing and Payment Due Dates

The IRS has announced that the Federal income tax filing due date is automatically extended from April 15, 2020 to July 15, 2020 for all taxpayers, including; individuals, trusts, estates, corporations and other non-corporate tax filers, as well as those who pay self-employment tax. Note this automatic extension only applies when the original filing deadline was April 15th. For those who have alternate deadline due dates, there are currently no automatic extension provisions available. However, the usual methods for filing to request a six-month extension still apply.

Taxpayers needing the full extension time can still file an extension by July 15, 2020 to extend the due date as follows:

Return TypeFormOriginal Due DateCARES Act Automatic
Extended Due Date
Extended Due Date
Individual1040April 15, 2020July 15, 2020October 15, 2020
Partnership1065March 15, 2020July 15 Fiscal Years **September 15, 2020
S-Corporation1120SMarch 15, 2020July 15 Fiscal Years **September 15, 2020
C-Corporation *1120April 15, 2020July 15, 2020October 15, 2020
Trust & Estate1041April 15, 2020July 15, 2020September 15, 2020
Estate Tax7069 Months from date of deathJuly 15, 2020 **6-month extension
Gift Tax709April 15, 2020July 15, 2020 **October 15, 2020
Exempt Organization990May 15, 2020July 15, 2020 **November 15, 2020
Employee Benefit5500July 31, 2020July 15, 2020 **October 15, 2020
FinCEN114/FBARApril 15, 2020July 15, 2020October 15, 2020
* Extended due dates for fiscal year entities remain unchanged at this time.
** IRS Notice 2020-23. Extends any filing or payment deadline between April 1 and July 15, 2020

In addition to the automatically extended filing due date, the IRS is also permitting taxpayers to defer their Federal income tax payments originally due on April 15, 2020 to July 15, 2020, regardless of the amount and without incurring penalties and interest. For many of our calendar year filers, this will mean the amount due with your tax return and your first quarter estimate for 2020 is now due July 15, 2020. But note, the second quarter estimate for 2020 has not yet been extended and is still due June 15, 2020.

California Update: Governor Newsom’s March 12, 2020 Executive Order extended 2019 tax return filing and payment deadlines for all entity types to June 15, 2020 and subsequently the FTB extended the filing and payment due dates to July 15, 2020 for nearly all forms and entity types. For a list of California due dates by entity type click on the link below:

https://www.ftb.ca.gov/about-ftb/newsroom/covid-19/extensions-to-file-pay.html

For a comparison of other states compliance, see the links under ‘State Provision Conformity and Other State Updates.

Or check out the resources under ‘State & Local Assistance’.

IRC Section 1031 Like Kind Exchange Extensions

Like-kind exchanges occur when real property used for business or held as an investment is exchanged for other business or investment property that is like-kind. In a like-kind exchange, provided that certain timeline requirements are met, no gain or loss is recognized under IRC Section 1031, unless money or other non-like-kind property is received as part of the exchange, in which case gain must be recognized to the extent of the other property and money received.

The normal timeline requirements qualifying an exchange to be treated as an IRC Section 1031 exchange are as follows:

From the date the relinquished property is sold:

  1. The exchanger has 45 days to identify replacement property (up to three properties of any value may be identified, or if more than three properties are identified additional rules apply), and
  2. The exchanger has 180 days to acquire the replacement property.

With the various Coronavirus quarantines and shutdowns, many individuals and businesses, who had already begun the exchange process, were faced with delays that would impact their ability to meet the timeline requirements.

Notice 2020-23 provides relief from such time-sensitive actions that were otherwise due after April 1, 2020 and before July 15, 2020, giving an extension to July 15, 2020.

There is currently no retroactive relief for time-sensitive actions which were before April 1, 2020.

See our calculator for how the Notice 2020-23 relief might impact your IRC Section 1031 Exchange timeline deadlines.