Critical Tax Deadlines and Dates

The IRS extended 2019 income tax filing and payment deadlines until July 15, 2020 for all taxpayers who were supposed to file and pay their Federal income taxes on April 15, 2020. This applies to all individual returns, trusts, and corporations. This is an automatic extension, so taxpayers do not need to file any additional forms. We do encourage everyone to provide their tax information, and not to put it off. The IRS will continue processing the returns - and refunds, if applicable!

Below is a summary of Federal Tax Filing deadlines:

• Individual income tax returns: July 15, 2020.

• Estimated tax payments for the 2020 tax year (IRS Form 1040-ES): 1st Quarter 2020 Estimated tax payment is due on July 15, 2020. At this time NO changes were approved for the 2nd, 3rd or 4th Quarter 2020 Estimated Tax Payments. Also note that Illinois has NOT extended the due date of 1st quarter estimates.

• Partnership returns (IRS Form 1065): due date was March 16, 2020. The extension deadline is September 15, 2020. Illinois partnership extension payments were not changed. Extension payments still need to be made by April 15, 2020.

• Estate and trust income tax returns (IRS Form 1041): due July 15, 2020. Additional time can be requested by filing Form 7004.

• Gift tax returns (IRS Form 709): due July 15, 2020. Requesting a federal income tax return extension automatically extends the deadline until October 15.

• C-corporation income tax returns (IRS Form 1120): due July 15, 2020 for C corporations that operate on a calendar year. The extended deadline is October 15, 2020.

• S-corporation returns (IRS Form 1120-S): due date was March 16, 2020. The extension deadline is September 15, 2020.

• Foreign bank account reports (IRS FinCen Form 114): still due April 15, 2020, with an automatic extension to October 15, 2020.

State Tax Filing deadlines:

Depending on where you need to file, you might still have to pay taxes owed to that state. The American Institute of Certified Public Accountants is keeping a list of the deadline changes by state.

Additional information can be found at https://www.taxadmin.org/state-tax-agencies

Your ECS family is here to help to navigate during these uncertain times!

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About the Author - Galit Shkurenko recently joined ECS Financial Services, Inc. as an Accounting Supervisor. Galit has more than 12 years of experience in public accounting and has provided audit, review, compilation and accounting services in a variety of industries including manufacturing, distribution and healthcare organizations, HUD multifamily housing, employee benefit plans, not-for-profit, and others. Galit received her Bachelor of Science degree in Accounting and Finance from DePaul University in 2007. In her free time, Galit enjoys outdoor activities, home improvement projects, but mostly catching up with her family and friends.