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Notice of 2019 U.S. Federal Income Tax Return Filing and Payment Extension

(Appendix: 50 states income tax return filing deadline inquiry)

In response to COVID-19 emergency, the Internal Revenue Service (IRS) announced extension of Federal income tax return filing and payment which deadline should have been on April 15 2020. Currently, the deadlines to file and pay federal income taxes are extended to July 15, 2020. Here we want to specify the extension of individual and corporate tax return in detail.

Q:     Who is eligible for tax return filing and payment relief?

A:        Individual tax and corporation income tax due on April 15, 2020, is eligible for relief. The information return filed with income tax is also extended to July 15, 2020, such as Form 5471, 5472.

Q:     What about businesses that have due date on May 15, June 15, or some other date?

A:         No, this tax relief notice applies only to whose income tax return is due on April 15, 2020, as described above.

Q:     I already filed my 2019 income tax return, but I haven’t paid the taxes I owe. What do I need to do to avoid interest and penalties?

A:         To avoid interest and penalties, you should pay your taxes in full by July 15, 2020.

Q:     What if I am unable to file my 2019 income tax return by July 15, 2020?

A:        You can request an automatic extension to file your Federal income tax return if you can’t file by the July 15 deadline.  Form 4868 (Individual) or Form 7004 (Corporation) must be filed by July 15, 2020 to extend the deadline to October 15, 2020.  To avoid interest and penalties when filing your tax return after July 15, 2020, pay the tax you estimate as due with your extension request.

Q:     Does this relief apply to state income tax return?

A:         No, this relief applies only to Federal income tax. State filing and payment deadlines vary and are not always the same as the Federal filing and payment deadline. Enclosed please find each state income tax deadline for your reference.

If you wish to obtain more information or assistance, please visit the official website of Kaizen CPA Limited at www.kaizencpa.com or contact us through the following and talk to our professionals:

Tel: +852 2341 1444

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