Wednesday, March 18, 2020
BREAKING NEWS - PAYMENT DEADLINE FOR FORM 1040 BALANCE DUE EXTENDED
FYI, here is the text of a memo I am including in the finished return package of all 1040 clients who have a balance due to Uncle Sam -
"It appears that the federal government will not charge penalty or interest on late payments of 2019 federal income tax due for 90 days after the April 15, 2020 filing deadline.
You will still have to file the Form 1040 by the April 15 deadline. But you won’t have to pay any tax due for 90 additional days. During that time, you will not be subject to interest or penalty payments.
If the enclosed federal tax return has a balance due, and
(1) you are paying the tax with the return - mail the signed return with the Form 1040-V payment coupon and your check in the envelope provided before April 15, 2020.
(2) you are not paying the tax due with the return - mail the signed return to Internal Revenue Service, Kansas City MO 64999-0002 before April 15, 2020. Mail the check for the full amount due and the Form 1040-V payment coupon in the envelope provided before July 15th (by July 1st to be safe).
This payment delay is for federal returns only. This is not for state tax returns. If you have a balance due to Phil or Andy file the return with full payment before April 15, 2020."
Posted by Robert D Flach