Tax Planning Guide

Key Takeaways from the IRS FAQs

March 25, 2020

The IRS announced last week that it would issue a sweeping filing and payment extension for most individuals and corporations, resulting in a July 15 deadline. After receiving an outpouring of questions in regards to the extension, the IRS published an FAQ page on its site. We’ve cut through the bulk of the content and have provided our key takeaways below:

  1. Below are all the forms that are now due on July 15:
    • Forms 1040, 1040-SR, 1040-NR, 1040-NR-EZ, 1040-PR, 1040-SS
    • Forms 1041, 1041-N, 1041-QFT
    • Forms 1120, 1120-C, 1120-F, 1120-FSC, 1120-H, 1120-L, 1120-ND, 1120-ND, 1120-PC, 1120-POL, 1120-REIT, 1120-RIC, 1120-SF
    • Form 8960 (Net Investment Income Tax — Individuals, Estates, and Trusts)
    • Form 8991 (Tax on Base Erosion Payments of Taxpayers with Substantial Gross Receipts)

2. The normal April 15 deadline continues to apply for estate and gift tax returns.

3. While first-quarter 2020 estimated income tax payments are due July 15, second-quarter estimated income tax payments are still due on June 15.

4. The extension applies to IRA contributions as well; 2019 IRA contributions can be made up until July 15.


Questions? Contact: