Tax Updates: Payment and Filing Deadline Extensions
/Tax Due Date for Individuals
Federal:
Automatically extended April 15 due date to July 15 for Individuals filing their taxes. No form is required for this extension.
Extensions are required to file after July 15 and prior to the final due date of October 15. Request for extension form is required – Form 4868 Request for automatic extension by July 15.
What does not qualify for Federal automatic extensions:
Among other things – estate and gift taxes, excise taxes, information returns such as 1099 forms, and payroll taxes. Although Congress is considering a payroll tax deferral. Tax items that do not have April 15 deadline, such as partnership and S corporation tax returns do not qualify for the extension.
Colorado:
All income tax returns that were required to be filed by April 15, 2020 are granted an automatic six-month extension and are due on or before October 15, 2020.
Tax Payments
Federal:
Tax payments due on April 15, 2020 are deferred to July 15,2020 regardless of amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as self-employment taxes.
Note: This deferral does not apply to payment for the periods before April 15 and after July 15th.
Your 2nd Quarter Estimated payments are due on June 15th. Which means your 1st Quarter estimated payments are due after your 2nd quarter estimated payments.
Colorado:
The deadline for estimated payments has been extended for the 2020 tax year. The penalties for estimated payments are also waived until July 15, 2020. The extension and these waivers do not apply to payments due pursuant to a notice of deficiency, notice of final determination, demand for payment, installment agreement, closing agreement, or other agreement or requirement to pay.
Further assistance may be forthcoming about extending tax deadlines for property tax, sales tax and use tax.
Deferred Retirement Accounts:
Individual Traditional and Roth IRA deadline for making contributions have been changed to July 15th.
Health Saving Investment Accounts:
The deadline for making Health Saving Investment Account contribution has also been changed to July 15
IRS Taxpayer Assistance Centers:
IRS Taxpayer Assistance Centers are temporarily closed, they continue to process tax returns, issue refunds and assist taxpayers to greatest extent possible.
Colorado Department of Revenue is not taking visitors until April 18. They continue to work and process tax returns and issue refunds.