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July 15th filing - Extensions?

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Level 2
last updated ‎March 22, 2020 4:12 PM

Just curious - should we file extensions on 04/15/2020 for those clients that we know will not be ready by 07/15/2020 or will we be able to file extensions then?  I have seen no guidance from the IRS.

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Level 7
last updated ‎March 22, 2020 4:12 PM

Oh. Extended extensions... good question. 

I wonder about things, like, if they call an orange an orange then why don't we call a banana a yellow; or an apple a red? Blueberries, I understand.
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Level 15
last updated ‎March 22, 2020 4:12 PM

Lots of folks on other boards have the same question, and no real consensus answer at this time.

Unless I get definitive guidance before April 10th,  I will probably extend any returns I haven't finalized.  I suspect the question will be resolved by then, but no one really knows right now.   It only takes me a few hours to do extensions anyway - especially since paying with the extension is irrelevant now.

I do see how it could hurt any of my clients, and I'd rather do that than have an issue come up on 7.15 (such as "I can't fund my SEP right now, can I wait until Oct 15 ?) .  YMMV

The issue of IRA contributions & HSA contributions needing to be done by April 15th, or are those stretched out to July 15th also is still unresolved (as of 3.22.20).  Better researchers & Code heads than I am are debating it on other boards.   I am focusing on any clients that *may* want/need to do those contributions first. 

 

Former Chump... umm.... AllStar.
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Level 2
last updated ‎March 22, 2020 4:12 PM

I had thought about the IRAs and SEPs - but did not include.  For now I am telling people with IRAs to make the contributions to be on the safe side.  Hopefully we will find out this week.  Thanks for your response.  I am in agreement with filing extensions on 04/15 for those that I don't have all the information.  With our older clientele, we are mailing a lot of the finished returns, so for those that are finished even up to 04/13 - I will just use the 07/15.

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Level 15
last updated ‎March 22, 2020 4:12 PM

YVW

I'd like to have concrete guidance, but if it doesn't come thru or if there's any ambiguity - extensions are easy.

(and then we can schedule all those 7.15.20  ACH debits with ease right ?  @IRonMaN  😘  )

Former Chump... umm.... AllStar.
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Level 15
last updated ‎March 22, 2020 4:12 PM

I can now sense when that date comes up because I get a really bad twitch.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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Level 15
last updated ‎March 22, 2020 4:12 PM

Supposedly Notice 2020-18 says filing an extension on 4.15 isn't necessary.

Maybe I'll try to digest it over a glass (bottle ?) of Chardonnay tonight.  Or maybe I'll just drink & let the digesting wait a week or two as the whole thing may be superseded,  again. 

Wait...now another posting says Notice 2020-58 is the one that 'splains it ?!?!  Have there been 48 Notices in the last week?  Arghhh  - I need a CASE of wine.

Former Chump... umm.... AllStar.
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