[4/15/2020] Coronavirus 2019 (Covid-19) Tax Update 4
- IRS provides additional extensions: Income tax filing and payment, estimated tax payments, IRA and HSA contributions
The IRS has now expanded its extension relief to most taxpayers who had income tax filing and/or payment obligations due on or after April 1, 2020, and before July 15, 2020, including second estimated tax payments that fall within this period. The deadline for making Individual Retirement Account and Health Savings Account contributions for the 2019 tax year has been extended to July 15, 2020.
- IRC §1031 exchanges extensions
For taxpayers with a like-kind exchange currently in progress:
- If the 45-day identification period expires on or after April 1, 2020, and before July 15, 2020, the taxpayer has until July 15, 2020, to complete the identification; and
- If the 180-day exchange period expires on or after April 1, 2020, and before July 15, 2020, the taxpayer has until July 15 2020, to complete the exchange (assuming the due date of the return, including extensions, is not before July 15, 2020).
- Economic impact payment direct deposit portal open (04-15-20)
By clicking on the “Get My Payment” button at www.irs.gov/coronavirus/economic-impact-payments, taxpayers can:
- Enter their bank account information if they hadn’t previously requested direct deposit on a return, or if they want to update their information;
- Confirm the payment type: direct deposit or check; and
- Check their payment status.
Taxpayers wanting to add their bank account information to speed up the receipt of their payment must provide the following information:
- Their AGI from their most recent tax return submitted, either 2019 or 2018;
- The refund or amount owed from their latest filed tax return; and
- Bank account type, account and routing numbers