IRS Releases FAQ on Tax Deadline Extensions

Slott said it's "likely there's more financial uncertainty and worry now clouding the decision, maybe due to the loss of a job or other income."

Advisors, Slott counseled, "should review this situation with clients. If clients decide to wait until after April 15 to make a 2019 IRA contribution, advisors should make sure the contribution is earmarked and coded for the 2019 tax year, and then confirm that with the IRA custodians."

The IRS notice also confirms — in Question 16 — that the first-quarter 2020 estimated tax payment that would have been due on April 15 is now delayed to July 15, Slott notes. "But the second 2020 estimated tax installment due June 15, 2020 is not extended. This is just weird. Now the second installment is due before the first installment."

The IRS also notes that the relief does not apply to filing and payment due dates for estate and gift taxes. "Normal filing and payment due dates continue to apply" in that regard, the IRS said.

The IRS also clarifies that taxpayers "do not have to be sick, or quarantined, or have any other impact from COVID-19" to qualify for relief.

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