2nd Quarter 2020 Estimated Tax Payment Due

Federal income tax returns, gift tax returns, and related tax payments are eligible for automatic postponement to July 15, 2020, pursuant to Notice 2020-18 and Notice 2020-23.  Please refer to our newsletters “US Expatriate’s Perspective on Pandemic Relief” and “IRS Expands Automatic Postponement of Due Dates” for more details.

If you do not have taxes withheld from your income, you may need to make estimated tax payments with Form 1040-ES by June 15.  This may apply if you have income such as self-employment, interest, dividends or capital gains.  It could also apply if you do not have enough taxes withheld from your wages.  If you are required to pay estimated taxes during the year, you should make these payments to avoid a penalty.  Any shortfall from the previous quarter’s estimated tax payment should also be paid to avoid penalty from accruing further.