Updated April 12, 2020, with the latest IRS tax deadline extensions due to coronavirus
The spread of coronavirus around the world impacted the 2020 US tax season and due dates. The IRS extended key deadlines by 90 days.
Below are the 2020 tax deadlines including changed due dates you need to know for your 2019 tax filings. (Additional information for expats about the tax deadline extension here.)
If you are looking for help with tax filings, you can schedule a consultation with us.
Tax deadlines for Individuals – UPDATED
- July 15, 2020 – Update: New initial due date for individual returns for the 2019 tax year. This new due date also applies to expats.
This is also the date interest starts accruing for any tax you owe, even if you file an extension. You should make an estimated payment by July 15 to avoid interest if you can’t file yet by that date.
- October 15, 2020 – The final deadline to file for those individuals who requested an extension.
Independent Contractors – Form 1099
If you paid independent contractors over a certain threshold, you must provide them with a Form 1099. As freelancer, you should receive Form 1099 from your clients.
- January 31 – Deadline to send Form 1099 to contractors
Tax due dates for Sole Proprietor and Single-member LLC – UPDATED
Sole proprietors and single-member LLCs pass income through to the person running it and therefore have the same due dates as for individuals. See above for the updated extended dates.
The business income is reported on Schedule C, as part of the individual tax return.
Unlike previously reported, the latest IRS Notice from April 9, 2020, now also extends the deadline for information returns that are filed as attachment to specified form. This means that Form 5472 that foreign-owned LLCs must file, are now dues on July 15, 2020, as well.
Tax due dates for Multi-member LLC
Multi-member LLCs are taxed as partnerships. See below for partnership tax due dates.
Tax due dates for Partnership & S Corporation – UPDATED
Partnership on a calendar year and S Corporation:
- March 16 – Initial due date for Form 1065 with Schedule K-1for partnerships and Form 1120S with Schedule K-1 for S corporations.
- September 15 – The final deadline for partnerships and S corps that filed for an extension.
Partnerships with a different tax year must file tax returns by the 15th day of the third month after the tax year-end date. Any returns originally due between April 1 and July 15, 2020, are covered by the relief. The new deadline is April 15, 2020.
S Corp election date – No Changes
- March 16 – Last day to file Form 2553to elect to be treated as an S corporation for the 2019 calendar year. (Learn here if a LLC or S corp is more beneficial.) Alternately, you can also elect to be treated as an S corporation within 75 days of incorporating your business.
Tax due dates for C Corporations – UPDATED
Deadlines for filing corporate tax returns (Form 1120):
- July 15, 2020 – Update: The extended July 15 deadline now applies to any return with an original due date between April 1, 2020, and July 15, 2020.
- October 15, 2020 – Final deadline if you requested a 6-month extension with Form 7004.
Tax deadlines for Quarterly Estimated Payments – UPDATED
When tax payments are not automatically withheld each month, e.g. for the self-employed, estimated tax payments must be made quarterly to avoid penalties.
- Jan 15, 2020 – Last estimated tax installment for 2019 tax year
- Apr 15, 2020 – Update: The IRS has given a 90-day extension for estimated tax payments originally due on April 15, 2020, in response to coronavirus. The new due date for the 1st installment of 2020 estimated tax is July 15, 2020.
- Jun 15, 2020 – Update: The 2nd installment payment is now also extended to July 15, 2020.
- Jul 15, 2020 – New due date for 1st and 2nd payment
- Sep 15, 2020 – 3rd installment payment
- Jan 15, 2020 – 4th installment payment
Tax due dates for FBAR (FinCen Form 114)
Foreign bank accounts must be reported if they meet certain requirements.
- Jul 15 – The FBAR deadline corresponds to the tax deadline. However, it has an automatic extension until October 15. FBAR is filed separately from the tax return but has the same due date as individual tax returns.
- Oct 15 – Extended due date, FinCen grants an automatic extension to Oct 15.
State tax deadlines – UPDATED
Depending on your former home state, you may have to file a state tax return. Please check any state you have to file in. Not all state tax calendars align with the federal 2020 tax deadlines.
Check here for 2020 state tax deadlines updates due to COVID-19.
Information is still evolving in this unprecedented year
Please note that the situation is still evolving and new information becomes available that may impact the information provided above. We do our best to keep this post updated with the latest information but please don’t rely solely on what you read here or elsewhere on the internet. Talk to a qualified tax professional.
Don’t wait until the last minute
Even though the IRS extended many tax deadlines in 2020 by 90 days, get ready early to avoid penalties, interest and stress. Many good expat tax accountants get incredibly busy in the weeks leading up to the deadlines. If you need help filing your expat tax return or business return, schedule a consultation with us.