COVID-19 UPDATE: IRA and HSA Contribution and Other IRS FAQs

FINALLY, we have some answers from the IRS on some looming questions raised following the extension of the tax filing deadline to July 15th.


Here they are in brief:


  • IRA contributions for 2019 can be made until July 15

  • Likewise, contributions to health savings accounts for 2019 can be made as late as July 15.

  • Surprisingly enough, second quarter tax estimates due June 15 have not been extended and are still due June 15.

  • Remember, income tax returns, payment, and 1st quarter estimates have been extended to July 15th.


The IRS emphasized that no other deadlines have been extended at this time. 

See the FAQs the the IRS posted  on its website today (Tuesday).


https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers


These questions and answers will be updated periodically.  However, the Service is working to release additional guidance besides the FAQs, noting that they are responses to general inquiries and not “citable as legal authority.”

We are here to assist you in any way possible.  Please feel free to contact any member of our team.

Stay tuned for future updates as we closely monitor all developments to keep you informed.


Sincerely,


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