30 Apr 2020

Updated Tax Deadlines for 2020

Allyssa Klingberg

The ongoing COVID-19 crisis has impacted our lives and livelihoods in unprecedented ways. It has changed how we socialize, how we build community, and how we minister to each other. 

Another change that may not be evident amongst the rest are the changes to filing deadlines for the tax year 2019. With many states implementing shelter-in-place orders as early as March, the IRS decided to extend tax deadlines for various filings. 

In this blog, we will detail the most noteworthy changes. 

New Deadlines in Calendar Year 2020 for 2019 Returns

Deadlines for returns are almost invariably in the spring, with extensions available until the fall. However, with the current COVID-19 crisis, the IRS has extended many of the deadlines. Let’s look at the notable changes:

Notice: On Saturday, March 21, 2020, the IRS confirmed on their website, that Tax Day 2020 has been moved from April 15, 2020, to July 15, 2020.

  •  Individual income tax returns: July 15 falls on a Wednesday in 2020, when you'll be filing your 2019 tax return, and it's not a holiday, so the filing deadline for your 2019 personal tax return is indeed July 15, 2020.1 The Internal Revenue Service began processing these tax returns on Jan. 27, 2020.2 
  •  Estimated tax payments for the 2019 tax year (IRS Form 1040): These were due in 2019 on April 15, June 15, and Sept. 15. They're mostly payable during the tax year they apply to. An exception is the fourth and final estimated payment for the 2019 tax year. That was due on Jan. 15, 2020.3 

Click here to view a great resource for State Tax Filing Guidance for Coronavirus Pandemic.

This is not a StartCHURCH resource, but we believe this is the best resource for the most up to date information on the State Tax Filing Guidance for Coronavirus Pandemic.

  • Nonprofit Filings: The July 15 extension now applies to many forms and tax payments made by tax-exempt organizations including: 
    • Form 990-N (e-postcard)
    • Form 990-EZ
    • Form 990
    • Form 990-BL
    • Form 990-PF
    • Form 990-T
    • Forms 8871 and 8872

Typically, all organizations required to file Form 990 must submit the return by the 15th day of the 5th month of their fiscal year. For instance, if your ministry’s fiscal year ends on December 31st, you are required to file your ministry’s Form 990 by May 15th of the next year. If your fiscal year ends June 30th, you are required to file Form 990 by November 15th of the same year.

The extension of the deadlines will give tax-exempt organizations more time to focus on their ministry during this time of crisis.

Click here to view a great resource on nonprofit filings

Let Us File Your Form 990

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  • Corporate Filings:
    • S-corporation returns (IRS Form 1120-S): These returns are due March 16, 2020, for corporations that operate on a calendar year. The extended deadline is September 15, 2020. The deadline for S-corporation and partnership returns is the 15th day of the third month following the end of the fiscal year if they're on a fiscal year rather than a calendar year.3
    •  C-corporation income tax returns (IRS Form 1120): These are due July 15, 2020, for C-corporations that operate on a calendar year. The extended deadline is October 15, 2020. The deadline for C-corporation returns is the 15th day of the fourth month following the end of the corporation's fiscal year if the corporation operates on a fiscal rather than a calendar year.3

If you need to make payments

You can set up a payment plan with the IRS if you can't pay the tax you owe right away. The IRS will generally let you pay over time as long as you make arrangements to do so. 

Go to IRS Direct Pay and have the payment debited directly from your bank account if you owe money and don't want to send a check to the IRS via postal mail, risking all the extra time that might entail.

An important thing to note during this time is that although the IRS has offered extensions to certain filings, your state might not have. The good news is that the American Institute of Public Accountants [AICPA] is keeping track of state-level announcements! You can check out that AICPA list of updates in your state here.

We are here to help

We have always recognized how overwhelming tax season can be, especially for pastors and ministry leaders. At StartCHURCH, we want to be a helpful resource in this area, so that you can focus on your ministry!

We want this to be a seamless process for you. We know filing taxes and IRS deadlines can be so overwhelming, but it doesn’t have to be!

Each year we serve hundreds of pastors, just like you, with their income tax returns through our minister's tax service. Our team of CPAs and bookkeepers understand the many benefits available for minister’s taxes. Our tax return service makes it as easy as 1, 2, 3 to save you time and money without the headache of wondering if you overpaid.

Also, our Form 990 service can help you stay in compliance with your ministry's annual Form 990 filing requirement. With the assistance of our highly-trained staff and CPAs, we can help ensure that you are filing the correct Form 990 for your ministry on time. Don't wait to file your Form 990. 

If you have questions about our tax service or Form 990 service, give us a call at 877-494-4655, and we would be happy to help you navigate this season with you!

File Your Taxes the Right Way

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Please feel free to comment. We always appreciate good dialogue. However, we do moderate each comment to ensure that it is on topic and not derogatory to other participants. We ask that you keep your comments brief and pertinent to the topic so that others may benefit.

Raul Rivera

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