Friday, April 10, 2020
IRS Announces New July 15 Tax Deadline For Expats, Trusts, Estates And Corporations, Includes June 15 Estimated Payments Fix
The Internal Revenue Service (IRS) recently issued Notice 2020-23 that confirms that all individuals, trusts, estates, corporations and other non-corporate tax filers, including Americans living abroad, get extra time until July 15 to both file and as well as pay federal income taxes. Because of the current COVID-19 pandemic that is currently wrecking havoc on the daily lives of nearly all Americans, the IRS had first only postponed the due date for tax payment, but the filing date for the tax return remained the same at April 15 as of March 18. Two days later, the filing date was also extended.
On March 27 a separate Notice postponed gift and generation-skipping transfer tax deadlines to July 15. But those that were required to make quarterly payments still had their estimated payment deadlines askew: the first quarter deadline of April 15 was pushed back to July 15, but the second quarter deadline was still June 15. Ed Slott of Rockville Centre, New York said “It was the first time in history the 2nd installment was due before the first installment." Now, both of the first and second quarterly payments are due on July 15, third quarter remain due on September 15, and those for fourth quarter are due on January 15, 2021.
See Ashlea Ebeling, IRS Announces New July 15 Tax Deadline For Expats, Trusts, Estates And Corporations, Includes June 15 Estimated Payments Fix, Forbes, April 9, 2020.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
https://lawprofessors.typepad.com/trusts_estates_prof/2020/04/irs-announces-new-july-15-tax-deadline-for-expats-trusts-estates-and-corporations-includes-june-15-estimated-payments-fix.html
Since no one ever brings this up, I will, as we're on the subject of taxes. Especially in times like this, so thanks for the article with the heads up! But we are all paying way, way too much this years and every years, on property taxes. Allow me to suggest, please, that every single state in this country should have what California has -- as in benefits from Proposition 13, as property tax is capped at 2% no matter what... and Proposition 58 on the property tax transfer, which California attorneys call parent to child transfer or parent to child exclusion (from paying up to date property values). In fact, every state needs to be able to transfer parents property taxes to offspring beneficiaries, when inheriting property taxes of course... This really saves beneficiaries like Luke's children a huge amount of cash when the parent dies... avoiding property tax reassessment on the transfer costs, plus the basic inheritance. Plus the ability to quickly resolve conflicts between siblings when one wants to keep inherited property while other wish to sell, with a trust loan from a trust lender, that equalizes cash for t hose wanting to sell, without actually selling, while the other sibling or siblings get to keep their parent's home forever, plus pay only a fraction of what would be a large tax every year, were Proposition 58 not in effect going forward. It's a profound tax relief set up. And all states should have something like it. Why no other states like it, maybe with Oregon as an exception at 3% capped yearly property tax, but not with al the other bells & whistles that California enjoys. Politicians in the other 48 states should move on this, instead of worrying about the Clintons and Obama, who has been gone for 3 1/2 years now. Those noisy politicos should work on tax laws like Prop 13 and Prop 58, to actually help regular citizens not just wealthy Americans and even wealthier corporations. And not simply distract them. People should research this, and get familiar with these great measures, at sites like https://www.boe.ca.gov/proptaxes/proptax.htm the BOE site that covers Proposition 58... Or, sites like https://propertytaxtransfertrusts.com or other sites that focus on Prop 13 and Prop 58 as well as trust loans, at Websites like https://cloanc.com/category/prop-58 - get their facts straight and start sending their representatives emails to get going on similar tax measures t o make living more affordable in this country, in every state, not just California!
Posted by: Geoffrey Sadler | May 18, 2020 2:09:40 PM