Level 2

taxes

Forum|Forum|6 years ago
April 9, 2020
1 reply
11 views

What is the general policy of most tax preparers on filing extensions on individuals now, rather than wait for the July 15, 2020 date.

This topic has been closed for replies.

itonewbie

Level 15

If your client is not expecting a refund, there is no hurry to file. No interest or penalty for late payment or filing will be assessed during this period of auto postponement. However, underpayment of ES-tax penalty will still apply.

Having said that, if your client has filing obligations for other types of returns not covered by Notice 2020-18, an extension should then be filed no later than the usual due date on April 15 if more time is needed.

---------------------------------------------------------------------------------Still an AllStar

3

3383_2Author

Level 2

You are saying that the underpayment of estimated tax penalty will now calculate through the July 15th date? Or does it stop at April 15th?

itonewbie

Level 15

No, it'll be calculated as usual, except some thought it'd be waived.

---------------------------------------------------------------------------------Still an AllStar

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