We are continuing to monitor due date and other changes as they unfold. Here are the current basics:
• Form 1040 and payment due with the return has been moved to May 17. If you have not yet submitted your 2020 data, please submit what you can by April 20 so that we can prepare your return or extension accurately.
• The estimated payments due by April 15 (including individuals) have NOT moved to May 17.
o If you have not submitted your tax data to us yet, you can make a payment by 4/15 based on what you have been paying quarterly, and we can help you adjust future payments accordingly when your return is prepared.
o If your return will be prepared by May 17, you could make you first quarter payment after your return is prepared. Your risk may be one month of interest on the amount due by April 15.
o Our team can cover your 2021 first quarter estimate with your 2020 extension payment by May 17. However, the IRS has not yet clarified whether that will be considered a timely payment of your first quarter estimate.
o If we have already delivered your 2020 return, your estimated payment vouchers will be included in your copies of your returns. Don’t forget to pay by Thursday of this week!
• All business returns normally due on April 15 remain due this week, and will need to be filed or extended.
• For Tennessee, the only due dates that have moved are for the Hall Income Tax and Franchise & Excise tax returns for Single Member LLCs filed on a federal Form 1040.
• Other states vary in their response to the federal due dates.
Please let your Crosslin Tax Team answer any questions you have as we help you comply with these changing due dates.