IRS Form 720 September Special Rule for Additional Deposit of Taxes

Sep 26, 2019

Please be advised that the IRS publications related to the September Special rule for an additional deposit of taxes for the period September 16 – September 26 are not in alignment. The instructions to Form 720 state that the due date for the payment is September 27. However, Publication 509 states that the due date is September 30; this date is based on the regulations at 26 CFR 40.6302(c)-2(a)(3) which state as follows:

(i) The deposit required for the period beginning September 16th must be made by September 29th unless–

(A) September 29th is a Saturday, in which case the deposit must be made by September 28th; or

(B) September 29th is a Sunday, in which case the deposit must be made by September 30th.

Given the discrepancy, in order to mitigate any risk of a late filing penalty we recommend that payments be made by September 27 so far as possible.

*This alert is provided free of charge by Oscar L. Garza & Associates, P.C.  Questions that arise from this alert may necessitate a formal attorney-client relationship if one does not already exist and fees may apply.  Please e-mail lsobel@olgarza.com with any questions about this alert.