April 15 Tax Deadline Moved To July 15 & CARES Act

The IRS moved the April 15 tax deadline to July 15, 2020, thereby postponing 2019 tax filings and tax payments. The postponement applies to 2019 individual income tax returns, gift, trust, estate, and ex-pat returns, and IRA, and HSA contributions. It also applies to 2020 estimated tax payments for Q1 and Q2.

All states with a personal income tax have extended their April 15 due dates.

On April 9, 2020, the IRS postponed the 2020 Section 475 election deadline for individuals from April 15 to July 15, 2020.

The new CARES Act includes significant economic aid and tax relief provisions. If you have NOLs from business activities in 2018, 2019, and 2020, CARES allows five-year NOL carrybacks for immediate tax relief. Prior law TCJA had repealed NOL carrybacks and only allowed carryforwards. Traders, eligible for trader tax status (TTS), might have NOLs from trading expenses and Section 475 ordinary losses. With NOL carrybacks allowed for 2020, it makes a 475 election essential if you have YTD losses.

Join CPAs Robert A. Green and Darren Neuschwander of GreenTraderTax.com, to learn about these developments.

Webinar hosted and recording produced by Interactive Brokers. Everyone is welcome; you don’t have to be a client of IB.