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IRS extends deadlines to more US tax filings

While most of us remain in lockdown, the Internal Revenue Service (IRS) are providing US taxpayers with more time to file and pay their tax liability.

Last updated: 16 April 2020

The Federal income tax and payment deadline extension from April 15, 2020 to July 15, 2020 was announced in March, but there was still uncertainty about other tax deadlines falling in the same period. On April 9, the IRS released new guidance to include more forms and payments with deadlines falling due April 1, 2020 to July 14, 2020. This will support many more US taxpayers throughout the COVID-19 lockdown.

The IRS have provided more clarity on second quarter estimated tax payments (originally due June 15) and expanded on the list of forms to support US taxpayers no matter where they live. We have listed below a few of the additional key forms and payment deadlines which have been extended to July 15, 2020:

2nd quarter 2020 estimated tax payments
Nonresident income tax returns (Form 1040NR)
Form 3520 to report transactions with foreign trusts and receipt of certain foreign gifts
International information returns that form part of the 1040 individual income tax return such as Forms 5471, 8621, 8858, 8865, and 8938
Specified time-sensitive actions such as those filing all petitions or review of a decision with the Tax Court or filing a claim for refund of any tax
Estate and trust income tax payments and return filings
Gift and generation-skipping transfer tax payments and return filings

About the author

Annabel Poon

+44 (0)20 7710 0393
poona@buzzacott.co.uk
LinkedIn

Last updated: 16 April 2020

2nd quarter 2020 estimated tax payments
Nonresident income tax returns (Form 1040NR)
Form 3520 to report transactions with foreign trusts and receipt of certain foreign gifts
International information returns that form part of the 1040 individual income tax return such as Forms 5471, 8621, 8858, 8865, and 8938
Specified time-sensitive actions such as those filing all petitions or review of a decision with the Tax Court or filing a claim for refund of any tax
Estate and trust income tax payments and return filings
Gift and generation-skipping transfer tax payments and return filings

What should you do?

If you’re a US taxpayer, we still recommend that you have your tax returns prepared as soon as possible so that you can identify if you need to file any additional international information reports and plan your cash flow over the coming months. If you are due a tax refund, you should also file as soon you can to avoid any potential delays.

While most US States have followed the IRS guidance, we recommend that taxpayers check with each State tax office to find out whether they have carried out a similar suspension to all of their State forms and payments.

Get in touch

For further guidance or for advice tailored to your requirements, please contact your usual Buzzacott advisor or fill out the form below and one of our US tax experts will be in touch.