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What is the general policy of most tax preparers on filing extensions on individuals now, rather than wait for the July 15, 2020 date.
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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.
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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?
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No, it'll be calculated as usual, except some thought it'd be waived.
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Calculated as usual thru 4/15 or thru 7/15?? Sorry, but you didnt really answer the question fully.
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Why should the penalty apply after April 15?
It is codified under §6654 it is assessed only up through April 15 at the latest. I don't believe the IRS has the authority to alter that date and there is no mention of this changing even in Notice 2020-18.
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