On Monday, June 29th, the Internal Revenue Service (IRS) confirmed that it will not be offering an additional extension beyond July 15, 2020, without penalty, for 2019 tax filings and payments due. The deadline was extended three months due to the Coronavirus pandemic.

Estimated tax payments for 2020 Q1 and Q2 are also due by July 15th, and can be submitted as one payment. The estimated tax payment deadlines for the final quarters of 2020 remain September 15, 2020 (Q3) and January 15, 2021 (Q4).

In addition, many states, including Arizona, aligned their 2019 tax filing and payment deadlines with the federal extension.

Taxpayers have the option to extend filings to October 15, 2020, but will need to pay any taxes due by the July 15th deadline in order to avoid penalty and interest charges. The IRS offers payment plans for individuals and businesses that are unable to pay their tax bill in its entirety by the deadline.

Price Kong is here to help. Contact us at 602.776.6300 for assistance with managing the upcoming tax and payment deadlines.