Dear clients,

While our offices remain closed to visitors, we are working behind closed doors or remotely to serve your tax preparation and consulting needs.  While the federal tax deadline for certain federal tax returns has been extended to July 15, 2020, other important deadlines will occur before that date.  The following chart is provided to guide you on these deadlines.  In order to meet these deadlines, please continue to submit tax information to us as soon as possible.  You may send us information through the client portal, mail or delivery services.  There is also a secure drop box outside the front door of each office. The deadlines detailed in the charts are as of April 3, 2020 and are subject to change.

FEDERAL TAX RETURNS

Type of Return Return Due Date Payment Due Date First Quarter
2020 Estimate
Second Quarter
2020 Estimate
Individual Income Taxes July 15, 2020 July 15, 2020 July 15, 2020 June 15, 2020
C Corporations – calendar year end July 15, 2020 July 15, 2020 July 15, 2020 June 15, 2020
Trust – calendar year end July 15, 2020 July 15, 2020 July 15, 2020 June 15, 2020
Gift and GST Taxes July 15, 2020 July 15, 2020 N/A N/A

 

The IRS postponed to July 15, 2020 the due date for both filing a return and for making income tax payments due April 15, 2020.

Payments that may be postponed are limited to federal income tax payments in respect of a taxpayer’s 2019 taxable year and federal estimated income tax payments due on April 15, 2020 for a taxpayer’s 2020 taxable year.

The period from April 15, 2020 to July 15, 2020 will be disregarded in the calculation of interest, penalty, or addition to tax for failure to file returns or pay taxes.

Participants may make contributions to an HSA or Archer MSA for 2019 at any time up to July 15, 2020.

The deadline for making contributions to an IRA, or for an employer to make contributions to its workplace-based retirement plan on account of 2019, is extended to July 15, 2020.

The deadline for Partnership returns and S Corporation returns remained at March 15, 2020.

COMMONWEALTH OF VIRGINIA TAX RETURNS

 

Type of Return Return Due Date Payment Due Date First Quarter
2020 Estimate
Second Quarter
2020 Estimate
Individual Income Taxes May 1, 2020 May 1, 2020* June 1, 2020 June 15, 2020
C Corporations – calendar year end April 15, 2020 April 15, 2020* June 1, 2020 June 15, 2020
Trust – calendar year end May 1, 2020 May 1, 2020 * June 1, 2020 June 15, 2020

 

OTHER SELECTED STATES INDIVIDUAL INCOME TAX RETURNS

 

State – Individual Income Taxes Return Due Date Payment Due Date First Quarter
2020 Estimate
Second Quarter
2020 Estimate
District of Columbia July 15, 2020 July 15, 2020 April 15, 2020 June 15, 2020
Maryland July 15, 2020 July 15, 2020 July 15, 2020 June 15, 2020
North Carolina July 15, 2020 April 15, 2020 * April 15, 2020 June 15, 2020

 

* Unless laws are changed:

Virginia – Penalties waived on payments made by June 1, 2020; however interest accrues on payments due May 1, 2020 until payments are received.

North Carolina – Penalties waived on payments made by July 15, 2020; however interest accrues on payments due April 15, 2020 until payments are received.

To view other communications from the firm in relation to COVID-19, visit our blog.