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COVID-19 Legislation Update

Anna Baecker, CPA

March 25, 2020

To our valued clients,

As of today, the IRS has issued additional guidance on the Federal filing and payment extension and we would like to provide further information as well as a link to the IRS FAQs page.

Contributions to Individual Retirement Accounts (IRAs) including SEP IRA accounts

Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to your Traditional, Roth, SIMPLE and/or SEP IRA and Solo 401k account for 2019 is also extended to July 15, 2020.

Contributions to Health Savings Accounts (HSAs)

Because the due date for filing Federal income tax returns is now July 15, 2020, you may make contributions to your HSA for 2019 at any time up to July 15, 2020. 

Second Quarter 2020 Estimated Payments

First quarter 2020 estimated income tax payments are postponed from April 15 to July 15, 2020. Second quarter 2020 estimated income tax payments are still due on June 15, 2020.

State and local filing and payment extension

We are awaiting guidance from the various state and local agencies but anticipate they will opt to follow the Federal extension date. For Ohio Residents, the state announced on Wednesday, March 25 that Ohio has also extended both the filing and payment dates for 2019 returns and first quarter estimated tax payment to July 15, 2020.

Already filed 2019 returns

If you scheduled an electronic withdrawal of the balance due with your 2019 tax return and/or your first quarter estimated tax payment, the payment(s) will NOT be automatically rescheduled to July 15. If you do nothing, the payment(s) will be drafted from your account on April 15, 2020. You may cancel your payment(s) by contacting the U.S. Treasury Financial Agent at 888-353-4537. You must call to make a payment cancellation request no later than 11:59 p.m. ET two business days prior to the scheduled payment date. 

Cancelling your electronic withdrawal will require you to mail a check to the IRS for the balance due no later than July 15, 2020. You will need to contact our office to obtain a payment voucher(s) to accompany your check.

If you have a payment due with your 2019 Federal tax return and are paying by check, your payment due date is also extended to July 15, 2020.

Click the link below for more information.

https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers

As the IRS is continuing to process tax returns, issue refunds and help taxpayers to the best of their ability, our intention is to file as may returns as possible by April 15.

We look forward to continuing to work with you and hope you are staying healthy and safe.

Red Fern Advisors & CPA’s

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