Second Quarter Estimated Payments Delay
June 15 deadline moved to July 15
The IRS recently announced a delay in the deadline to file 2nd quarter estimated tax payments.
Background The IRS issued a tax filing and tax payment delay due to the coronavirus pandemic, from April 15, 2020 to July 15, 2020. Many payments are included in this delay for both individuals and small businesses. It includes filing of all tax returns, the related payments and all estimated payments typically due on April 15.
The problem By moving the 1st quarter estimated tax payments from April 15 to July 15, the 1st quarter estimated payments were then actually due one month later than the 2nd quarter estimated payment deadline!
Current situation With IRS notice 2020-23, the 2nd quarter estimated payment due date is now moved July 15, 2020. So you will need to plan accordingly. This includes both individual and corporate payments.
Reminder, just because the IRS grants a payment delay, does not ensure your state will follow suit. So pay attention to the state's filing situation as well.
Should you have any questions, please call.