The IRS released answers to FAQs in an effort to address some issues regarding the tax payment and filing deadline extensions announced last week. The IRS website states, “These questions and answers will be updated periodically and are designed to be a flexible tool to communicate information to taxpayers and tax professionals in this changing environment.” You can access the FAQs HERE.
Some of the more significant clarifications include:
- The deadline for making IRA or HSA contributions for 2019 has also been extended to July 15.
- Gift tax returns are still due on April 15. These returns were not granted filing extension relief.
- Fiscal year returns whose original or extended deadline is April 15 have also been extended to July 15.
- Excess contributions to a 401(k) or other retirement plan must still be withdrawn by April 15.
- The statute of limitations for 2016 tax returns filed timely will still end on April 15.
- Any underpayment penalties from 2019 are not alleviated by this relief.
Things are changing daily as this crisis evolves and we will continue to provide updates as we receive them. In the meantime, please contact us at 602.776.6300 if you have questions or concerns.