As the economic situation continues to change due to COVID-19 relief efforts, so do tax filing deadlines. The IRS and many states are still postponing 2019 tax filing and tax payment due dates for individuals and businesses, and they also continue to push back 2020 estimated tax payment deadlines.
Additional IRS Relief
The IRS expanded upon previous 2019 tax filing and payment relief to clarify that all 2019 tax returns that are normally due between April 1, 2020 and July 15, 2020 now have a July 15, 2020 due date. This includes tax filings for individuals, trusts, gifts, estates, corporations, partnerships, and foundations. The postponed deadlines are automatic, so filing an extension is not required. If you do file an extension later, it will only extend the return to the normal extended filing deadline of July 15, 2020.
The IRS also clarified that the 2020 second quarter estimated tax payment deadline (normally June 15, 2020) has also been extended to July 15, 2020. Together with previous guidance this means that both the 2020 first and second quarter estimated tax payments are now due July 15, 2020. These new deadlines apply to individuals, trusts, and corporations.
If you already filed your tax return and want to cancel the auto debit of your payment, click here to learn more.
State Relief Is Not the Same as Federal Relief
The above rules only apply to your federal tax returns. While many states have aligned with the federal change, some have not.
As of April 7, the following 39 states have similarly postponed their 2019 individual tax filing and payment deadlines to July 15, 2020:
AL, AR, AZ, CA, CO, CT, DC, DE, GA, IL, IN, KS, KY, LA, MA, ME, MD, MI, MN, MO, MT, NC, ND, NE, NJ, NM, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VT, WI, WV.
Five states have postponed their 2019 filing and payment deadlines to different deadlines:
- VA—May 1, 2020 for filings; June 1, 2020 for payments
- MS—May 15, 2020
- ID—June 15, 2020
- HI—July 20, 2020
- IA—July 31, 2020
With regard to 2020 state estimated tax payments, far fewer states have followed the federal delayed date. As of April 7, the following states have NOT delayed their first quarter 2020 estimated tax payments, so they are still due on April 15, 2020:
AZ, DC, HI, ID, IL, IA, LA, MN, NH, NJ, NC, OR, UT, VT.
The following states have delayed their April 15, 2020 due date:
AL, CA, CO, CT, DE, GA, IN, KS, KY, ME, MD, MA, MI, MS, MO, MT, NE, NM, NY, NYC, ND, OH, OK, PA, RI, SC, TN, VA, WV, WI.
Need More Clarification?
If you’re still unsure about how these tax changes affect your filing or payment status, please reach out to your financial advisor.
CFP®, CPA, Series 7 Securities Registration,1Series 66 Advisory Registration,† Insurance License Brian diligently advises clients on income, gift, trust and estate tax issues while leveraging the expertise of the Roundtable to deliver comprehensive, customized strategies. For more than 10 years he has helped numerous clients develop and implement sophisticated financial, tax and estate strategies that are in alignment with their goals and values. Brian is a...Read More