Who does the extension apply to?

The IRS has extended the income tax filing deadline for entities filing tax returns originally due April 15th. These include individuals, trusts, and corporations. Any of these entities that are not ready to file need to file a six-month extension prior to July 15th.

Who does the extension NOT apply to?

The extension does not apply to partnerships and S-corporations. These tax returns were due March 15th prior to any COVID-19 lock-downs so they were not included in any of the relief granted. Any of these entities that were not ready to file needed to have filed a six-month extension prior to March 15th.

What is extended?

• Both return filing and tax payment for returns originally due 4/15

• Estimated tax payments originally due 4/15

• Interest and penalties will resume July 15th if payment is not received by that date.

What about states?

Many states have adopted policies matching the federal extension. State tax agency information can be found here:  https://www.taxadmin.org/state-tax-agencies

If you need assistance filing  any tax returns or extensions by the deadline or have any further questions and are seeking more information, please reach out to Catherine Roe, CPA at catherine@cowartroecpa.com or 504-252-0652. I would love to assist you.