IRS Tax Return and Quarterly Estimates Extension Explained

IRS Tax Return and Quarterly Estimates Extension Explained

As you may know, the IRS has extended the individual tax return filing deadline to July 15, 2020. The IRS has also extended the filing deadline for your 1st & 2nd quarter estimates normally due on April 15, 2020 and June 15, 2020 until July 15, 2020

While New York State & City and New Jersey has conformed with the IRS deadlines to file your return and pay your 1st quarter 2020 tax estimates on July 15, 2020, These jurisdictions still require that the 2nd quarter 2020 estimated tax payment be paid by June 15, 2020.

The table below highlights these revised filing deadlines:

Year/QuarterFederalNew JerseyNew York StateNew York City UBT
2019 Individual Tax Return07/15/202007/15/202007/15/202007/15/2020
1st Quarter 202007/15/202007/15/202007/15/202007/15/2020
2nd Quarter 202007/15/202006/15/2020*06/15/2020*06/15/2020*
3rd Quarter 202009/15/202009/15/202009/15/202009/15/2020
4th Quarter 202001/15/202101/15/202101/15/202101/15/2021

Should New York State, New York City and New Jersey adopt the IRS 2nd quarter 2020 estimated tax payment deadline, we will advise YOU accordingly.

Also, please note that the above revised due dates may require a significant cash outlay on July 15, 2020, so please plan accordingly.