Due Date Extensions

Due Date Extensions

Tax day is almost upon us, or is it? As a result of the Coronavirus Pandemic, the IRS and most states automatically extended the April 15th due date for 2019 income taxes and forms as well as the 2020 first and second quarter estimated tax payments due. Here is a brief summary of the most common due date automatic extensions.

Forms and payments filed with the Internal Revenue Service

Individuals Form 1040: Originally due April 15, 2020 is automatically extended to July 15, 2020. Form 1040s to be filed after July 15, 2020 are required to be extended until October 15th and all taxes are due by July 15th. The automatic extension includes all information returns normally attached to Form 1040 and associated payments such as IRA contributions.

Form 1040-ES Installments 1 and 2: Originally due April 15, 2020 and June 15, 2020, both first and second quarter estimated tax payments are now due July 15, 2020.

C Corporations Form 1120: Originally due April 15, 2020 is automatically extended to July 15, 2020. Form 1120s to be filed after July 15, 2020 are required to be extended until October 15th and all taxes are due by July 15th.  Corporate 2020 first and second quarter estimated taxes are now due July 15, 2020.

Gift Tax returns Form 709: Originally due April 15, 2020 are automatically extended until July 15, 2020 and can be extended until October 15, 2020. An individual tax return extension filed before July 15, 2020 can/will automatically extend the gift return to October 15, 2020.

Trust and Estate returns Form 1041: Calendar year entities originally due April 15, 2020 are automatically extended until July 15, 2020. Fiscal year trusts with years ending on or before February 29, 2020 are automatically extended until July 15, 2020.

FinCEN Forms 114/FBAR: These forms are originally due April 15th and are automatically extended until October 15th thus no additional request for an extension is required.

Various IRS

Relief does not include returns or payments not specified in the IRS notices, including payroll tax returns (e.g., Form 941). Notice relief includes information returns and all schedules, returns and other forms that are filed as attachments to the returns covered by the notice or are required to be filed by the due date of these returns.

Partnerships and S Corporations Forms 1065 and 1120S respectively: There is no automatic extension for calendar year entities as these were originally due March 15, 2020. If these returns were extended, the due date is September 15, 2020 like always. Fiscal year entities with year ends ending on or before March 30, 2020 are automatically extended to July 15, 2020.

Forms and payments filed with the Comptroller of Maryland

The filing and payment of all individual, corporate, pass through entity, and fiduciary income taxes are automatically extended until July 15, 2020. Fiscal and calendar year filers with tax years ending January 1, 2020 through March 31, 2020 are also eligible for the July 15, 2020 filing and payment extension. The due date for March quarterly estimated payments that are normally due April 15, 2020 is extended to July 15, 2020. At this time, second quarter estimated tax payments due June 15, 2020 have not been extended and are still due June 15, 2020. The extension for filing returns and payment of income tax does not affect the filing of estate tax returns or the payment of estate tax. For individuals who request a federal extension by July 15, 2020, the Maryland tax return will be due by October 15, 2020. For corporations who request a federal extension by July 15, 2020, the Maryland tax return is due by November 15, 2020.

During these unprecedented times, Bormel, Grice and Huyett is dedicated to assisting you. Please call our office at 301-953-3259 if you have any questions regarding these due dates or any due dates not listed above.  

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The Cultural Alliance of Greater Washington has worked with Bormel, Grice & Huyett, P.A., since 1988. Their knowledge of the arts and the arts community make their services invaluable. They can translate accounting terminology into a comprehensive language. For many organizations, the accounting firm of Bormel, Grice & Huyett provides the financial "information bridge." We whole-heartedly recommend Bormel, Grice & Huyett, excellent accountants who care about our arts organizations.
Jennifer Cover Payne, Executive Director, Cultural Alliance of Greater Washington

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