Community Forums

Gold Pot · 03-31-2020, 02:28 PM

Estimated quarterly tax payments to the IRS has a new guideline concerning the April 15 payment date - the payment date is extended to July 15. Does anyone know what happens to the June 15 payment date?

UFO Pilot · 03-31-2020, 02:33 PM

My CPA says the June 15 payment will also be due July 15. I asked him to send me something in writing and he said he will.

Gold Pot · 03-31-2020, 02:41 PM

Thank you for your response Wayne. I figured that would be the answer, but I could not find it anywhere on the IRS website. Perhaps it will appear there sometime soon.
Rick

scbwr · 03-31-2020, 02:43 PM

When I've made quarterly payments (retired, living in Ohio), I've never encountered a problem if my payments weren't according to schedule as long as I've made the payments prior to filing my tax return. But, I'm not tax authority, so if nothing else, call the IRS and see if you can get an answer to your concern.

LETMGROW · 03-31-2020, 02:46 PM

We sent ours out last Friday. I see no benefit to waiting, they will have to be paid eventually anyway.
One less thing to think or worry about.
Lynn

ByeTheWay · 03-31-2020, 02:51 PM

Our cpa said the first payment is delayed til July 15, but the second payment is not and it should be paid June 15, to avoid penalties and interest.

Makes no sense to me, but we'll send a payment for June 15 & July 15

HighDesert · 03-31-2020, 02:58 PM

Like LETMGROW says, why not just do your regular payment schedule as there is no real benefit to deferring the payment, unless there is a cash flow problem. We are doing our quarterly payments on the normal quarterly basis due dates.

**NLOVNIT** · 03-31-2020, 03:02 PM

That's what I do. AFAIK, only the 1st payment is postponed.

Lori-

Gold Pot · 03-31-2020, 03:12 PM

Assuming the stock market rises during 4/15 and 7/15, one could start to recover financial losses that happened in the first quarter on 2020 and apply the recovered amount toward the payment amount.
Rick

UFO Pilot · 03-31-2020, 03:28 PM

Quote:

Originally Posted by Gold Pot

Assuming the stock market rises during 4/15 and 7/15, one could start to recover financial losses that happened in the first quarter on 2020 and apply the recovered amount toward the payment amount.
Rick

That is my financial advisors advice. The longer the money stays in the market the better chance for recovery of some of my losses. Our CPA and FA both say the same thing, never pay anything before it is due.

jimheiner · 04-01-2020, 06:50 AM

Quote:

Originally Posted by Gold Pot

Assuming the stock market rises during 4/15 and 7/15, one could start to recover financial losses that happened in the first quarter on 2020 and apply the recovered amount toward the payment amount.
Rick

I only have 55 years experience in investing, but I think that Mr. Market will a lot lower on 7/15 than it is today. (And most financial advisors would not recommend having to sell equities to pay quarterly taxes.)

wnytaxman · 04-01-2020, 08:10 AM

We still have not received anything from the IRS that indicates the second estimated payment is due on any date other than June 15. We do expect the date to change, but so far it is still June 15.

sbleiweiss · 04-01-2020, 08:19 AM

Quote:

Originally Posted by wnytaxman

We still have not received anything from the IRS that indicates the second estimated payment is due on any date other than June 15. We do expect the date to change, but so far it is still June 15.

This is what my CPA told me too. So second could be due before first. Go figure.

wnytaxman · 04-02-2020, 07:18 AM

To add to the confusion, we need to have the prior year return completed to properly prepare the current year estimates. I would hope that the IRS would waive any penalties for underpayment of estimates with our current situation being so volatile.