At this point, the IRS has stated that second-quarter (6/15/2020) estimated taxes are still due according to the normal schedule. However, guidance is expected from the IRS to delay all 2020 estimated tax payments until October 15, 2020, as it makes little sense to pay estimated taxes on 2019 income if 2020 income and operations are down due to business closures.
What this means for you: You will still need to plan for your 2020 tax liability, but some pressure is off to make your April 15 (and likely June 15) estimated tax payments. Consider holding your 2020 estimated taxes aside in a separate reserve so you’re not thrown off when October rolls around (or April 15, 2021). If your business or personal income is significantly impacted by the current situation, please reply and we can help you more proactively plan for your 2020 tax liability so you’re appropriately planning for your taxes while maintaining cash for current needs and obligations.