Department of Treasury & IRS Extends Tax Filing Deadline to July 15
Matches Deadline for Tax Payments
Tax Implications for Farmers
Author: Barry Ward
ward.8@osu.edu – 937-408-7190
- Tax Filing Deadline is now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed
- The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
- The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak.
- Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.
- Farmers that’s did pay estimated taxes by January 15th have the July 15th deadline like other taxpayers. This may affect farms that paid estimated taxes by January 15th and will have a balance due when they file by the July 15th
- The IRS this week advised that high-deductible health plans (HDHPs) can be used to pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status. This also means that an individual with an HDHP that covers these costs may continue to contribute to a health savings account (HSA).
- As stated in Notice 2020-15, health plans that otherwise qualify as HDHPs will not lose that status merely because they cover the cost of testing or treatment of COVID-19 before plan deductibles have been met. As in the past, any vaccination costs continue to count as preventive care and can be paid for by an HDHP (IRS e-News for Tax Professionals).
- The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days.
- More details can be found at: https://www.irs.gov/coronavirus