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A Potpourri of Updates

Over the past several days, a few additional items have arisen of which we want you to be aware and to take note.
  1. Your second quarter federal and Kentucky estimated tax payments normally due June 15th are now extended to July 15th. That means that any 2019 federal and Kentucky tax liabilities, along with your 2020 first and second quarter estimated tax payments all come due on July 15th with no interest or penalties imposed.
  2. If you operate a Not-For-Profit that files a Form 990 (Return of Organization Exempt from Income Tax) or if your business files a Form 5500 (Annual Return/Report of Employee Benefit Plan) those returns that would normally be due between April 15th and July 14th, are now due July 15th.
  3. If you intended to file an amended 2016 tax return to claim a refund, which would ordinarily have been due by April 15th, you now have until July 15th to file for a refund!
  4. Forms 1041, 706, and 709 that were normally due between April 15th and July 14th are all now also due July 15th. These forms relate to estates, trusts, gift taxes, and generation-skipping transfer taxes.
  5. Kentucky Department of Revenue also announced an automatic extension of Tangible Property Tax returns from May 15th to July 15th.
  6. The U.S. Department of the Treasury and IRS launched the "Get My Payment" web application last week. The free app - which can be found at https://www.irs.gov/coronavirus/economic-impact-payments - allows folks who filed their tax return in 2018 or 2019 but did not provide their banking information on their return to submit direct deposit information. Once done, you will get your Economic Impact Payments in your bank accounts quickly, instead of waiting for a check to arrive in the mail. "Get My Payment" will also allow you to track the status of your payment.  We have been fielding various error related questions from the website.  Unfortunately, we have not been able to answer many of the questions, nor are we able to change anything the IRS is processing. Sorry for any inconveniences.
  7. Kentucky also announced the new extended due dates for returns with the new filing date of July 15th:
    1. Returns originally due April 15, 2020 will be extended to October 15th if you file an extension by July 15th.  C corporations will be due November 15th with the proper extension.
    2. Returns originally due May 15, 2020 will be extended to November 15th if you file an extension by July 15th.  C corporations will be due December 15th with the proper extension.
    3. Returns originally due June 15, 2020 will be extended to December 15th if you file an extension by July 15th.  C corporations will be due January 15, 2021 with the proper extension.
Please feel free to let us know if you have any questions about these items or any others.

2100 Gardiner Lane, Suite 207 | Louisville, KY 40205
502-459-8100 phone | 502-459-5773 fax