Company Law – M&A – Private Equity
If you file your return in paper format: there is only one deadline, which is Thursday 14 May 2020 (midnight), whether it is the IR 2019 and/or IFI 2020 return and whether you are a French tax resident or non-resident.
If you declare using the internet on the website impots.gouv.fr, you have an additional deadline for your 2019 income tax return and your IFI 2020 return, which is different depending on your place of residence :
- May 19, 2020 (midnight): Zone 1 (departments 1 to 19) & non-French tax residents
- May 26, 2020 (midnight): Zone 2 (departments 20 to 49)
- June 2, 2020 (midnight): Zone 3 (departments 50 to 976)
If you meet the conditions of the 'tacit' tax return, failure to file will not be sanctioned by a penalty: for the first time, the tax return may be optional for those taxpayers for whom the administration already has the information necessary for the establishment of the 2019 income tax (1).
At the end of July, taxpayers will receive their tax notices and will be credited, where applicable, with the balance of the 2019 credit and/or tax reductions.
From September 1, 2020 and until August 31, 2021, a new rate, if applicable, will be applied to take into account the last elements of your situation via the 2019 income tax return.
Finally, if the return was filed online, the taxpayer will be able to correct it online until mid-December 2020.
Reminder: The value of assets no longer affects the terms and conditions for filing the IFI 2020 declaration.
- The IFI return is to be filed within the same deadlines as the income tax return, whatever the value of the assets,
- Only one IFI form must be completed: 2042 IFI (no more carry forward to 2042 C or Form 2725)
- The deadline for making tax-deductible donations for the IFI 2020 is the for same as the deadline for filing the IFI 2020 return.
(1) In practice, the tacit declaration will not concern taxpayers whose income does not appear in the pre-filled declaration (property income, self-employed, etc.), or whose tax and/or personal situation has changed or is specific. The tacit declaration will be made by simply checking an information document sent by the tax authorities to the concerned taxpayers no later than one month before the declaration deadline. This simplification measure will not prevent the concerned taxpayers from filing an income tax return if they wish to complete or correct their information if necessary.