In response to the Coronavirus pandemic, on March 21, 2020, the Internal Revenue Service (IRS) automatically extended the federal income tax filing due date from April 15, 2020, to July 15, 2020. While talks fell short of extending the deadline past July 15th, the IRS urges taxpayers to request an extension until October 15th if they require more time by filing a Form 4868 (be sure to pay what you estimate you owe for 2019 by July 15th, though, to avoid penalties and interest). Here are a few other options or actions to keep in mind as July 15th quickly approaches:

• You can still make prior year (tax year 2019) contributions to your Traditional or Roth IRA, to your SEP IRA if self-employed, to your Health Savings Account (HSA), Medical Savings Accounts (MSAs), and Flexible Spending Accounts (FSAs). We recommend reaching out to your account provider sooner rather than later as it may take them a few days to put the contribution through their system
• If you are required to make estimated tax payments, the first (January 1 – March 31) and second (April 1 – May 31) quarterly installments are both due on July 15th
• Federal income tax returns for Estates & Trusts (Form 1041), estate death tax returns (Form 706), and gift tax returns (Form 709), as well as estimated income payments for trusts and estates, were also extended and are now due on July 15th
• Most states have pushed their tax deadlines to July 15th, although not all of them have. For instance, Virginia’s deadline to pay was June 1, while Hawaii’s is July 20th and Iowa’s is July 31st

If you have already filed your 2019 taxes, you can still take advantage of the extended July 15th deadline to make additional 2019 retirement or health account contributions by filing an amended 2019 tax return. A list of extended deadlines can be found on the IRS’s website here. Please contact your tax advisor or IRA/HSA custodian to assist you with these options.

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Consult with an attorney or a tax or financial advisor regarding your specific legal, tax, estate planning, or financial situation. The information in this article is not intended as legal or tax advice.