Income Tax Deadlines for Individuals and Businesses in the U.S.

Tax season is here again as the Internal Revenue Service (IRS) officially began processing tax returns on January 27, 2020. If you haven’t already started, you will soon be joining the millions of Americans filing your income taxes for the 2019 tax year. You may be in the process of gathering tax documents or figuring out what forms you need to fill out. Perhaps you’re trying to figure out when those forms need to be filed by. The entire process can be quite stressful.

One of the most well-known tax deadlines is April 15, the time when federal individual income taxes are due. It’s the same date every year unless it falls on a weekend or holiday. When this happens, the actual due date for income taxes is moved to the following business day. Since April 15, 2020 is on a Wednesday, and there is no holiday, income taxes are indeed due that day.

April 15 is just one of the important income tax deadlines for 2020. Here are some other important tax deadlines to keep in mind for the year.

Deadlines in Calendar Year 2020 for 2019 Returns

Deadlines for returns are almost invariably in the spring, with extensions available until the fall:

  • Individual income tax returns: April 15 falls on a Wednesday in 2020, when you’ll be filing your 2019 tax return, and it’s not a holiday, so the filing deadline for your 2019 personal tax return is indeed April 15, 2020. The Internal Revenue Service began processing these tax returns on Jan. 27, 2020.
  • Estimated tax payments for the 2019 Tax Year (IRS Form 1040): These were due in 2019 on April 15, June 15, and Sept. 15. They’re mostly payable during the tax year they apply to. An exception is the fourth and final estimated payment for the 2019 tax year. That was due on Jan. 15, 2020. Estimated tax payments for the 2020 tax year are due on April 15, 2020, June 15, 2020, Sept. 15, 2020, and Jan. 15, 2021.
  • Partnership returns (IRS Form 1065): Due March 16, 2020. The extended deadline is Sept. 15, 2020
  • Estates and trusts income tax returns (IRS Form 1041): Due April 15, 2020. Additional time until September 30, 2020 can be requested by filing Form 7004.
  • Gift tax returns (IRS Form 709): Due April 15 in the year after the gift was made. Requesting a federal income tax return extension automatically extends the gift tax return due date also until Oct. 15.
  • C-corporation income tax returns (IRS Form 1120): Due April 15, 2020 for C corporations that operate on a calendar year. The extended deadline is Oct. 15, 2020. The deadline for C corp returns is the 15th day of the fourth month following the end of the corporation’s fiscal year if the corporation operates on a fiscal rather than a calendar year.
  • S-corporation returns (IRS Form 1120-S): Due March 16, 2020 for corporations on a calendar year. The extended deadline is Sept. 15, 2020. The deadline for S corp and partnership returns is the 15th day of the third month following the end of the fiscal year if they’re on a fiscal year rather than a calendar year.
  • Foreign bank account reports (IRS FinCen Form 114): Due April 15, 2020. The extended deadline with Form 1040 is Oct. 15, 2020.

What Happens If You Miss a Deadline?

Ideally, you want to make sure that you file all the necessary paperwork and make your payment by the deadline. If you do miss the deadline, though, you will likely be hit with a financial penalty. This may be in the form of a late filing penalty, late payment penalty, or interest on your unpaid taxes. Interest compounds daily until the balance is paid in full.

In the event that you miss a deadline, the IRS recommends filing your return and submitting any payment due as soon as possible. The longer you wait, the greater the penalties you are likely to face.

If you do miss the deadline, you can e-file your return at IRS Free File if your income is under $69,000. E-filed returns are accepted up until November. The exact deadline is not yet known. The IRS will release the exact deadline in October 2020.

For those who owe taxes, payments can be made online at IRS Direct Pay. The payment can be taken directly from your bank account. This method allows you to avoid additional interest or penalties that might accrue while a check is in the mail.

Should you find yourself unable to pay the full amount owed all at once, contact the IRS immediately to set up a payment plan. The IRS offers short-term and long-term payment plans, but you need to make an agreement with them first. You may be charged a set-up fee to start your plan. Your IRS payments can be automatically debited from your checking account, made online, or sent by mail.

Tax time can be a stressful time. Between getting your documents organized, figuring out what forms you need to fill out, and when you need to have everything submitted by, it’s easy to get overwhelmed. Fortunately, you don’t have to do it alone. I can help you with tax questions and help you to get everything filed by the appropriate deadlines. For more information, contact me at The Law Offices of Lawrence Israeloff, PLLC today!