On Wednesday, the IRS provided a Frequently Asked Question page to clarify some issues related to the postponement of the April 15 filing deadline.
The guidance clarified that the deadline postponement applies to any “person” with a federal income tax filing or payment due on April 15, which includes individuals, trusts, estates, corporations, and other entities, and applies regardless of whether there is an illness or actual impact from COVID-19.
Note, however, that some entities do not have returns due on April 15, and thus the deadline postponement does not apply to them. For example, most partnership returns were due on March 15, which occurred before the IRS issued its relief, and thus any returns that have not been filed will be considered late. Similarly, many non-profit returns are due on May 15, and that deadline has not been changed.
Further, the IRS confirmed that because the April 15 due date was changed to July 15, contribution deadlines for Individual Retirement Arrangements (IRAs), Health Savings Accounts (HSAs), and similar retirement and savings plans, were also postponed to July 15.
One important takeaway among all of this guidance is that even though the deadline has been changed, the IRS is still processing returns that are filed and still issuing refunds. Thus, if you believe that you will receive a refund, you shouldn’t wait until July 15 to file.
If you have questions about estate planning, probate, trusts, and tax matters, please contact one of Conn Kavanaugh’s experienced estate planning lawyers.
Click here to subscribe to the blog and never miss an update!
Share with your network:
