March 20, 2020
Tax Filing Deadlines - Federal and State Update
Earlier this week we communicated that the Treasury Department moved the Federal tax payment deadline to July 15, 2020. However, as it stands now, taxpayers would still be required to file extensions (Form 4868 for individuals) or file their income tax returns by April 15
to be in compliance. Groups like the American Institute of CPAs (AICPA), the National Society of Accountants, and the National Conference of CPA Practitioners pointed out that the payment extension was not going far enough. Many taxpayers and their accountants are dealing with the fallout from the coronavirus (COVID-19) pandemic and do not have access to all their tax records or offices.
A group of senators introduced bipartisan legislation Thursday to extend the tax-filing deadline from April 15 to July 15, 2020. The
Tax Filing Relief for America Act
would provide for basically the same timeline as the Treasury and IRS guidance that was issued this week, which would enable taxpayers, along with their preparers, extra time to file their taxes without filing for an extension.
Treasury Secretary Steven Mnuchin also tweeted Friday that President Trump has directed him to move Tax Day to July 15, giving taxpayers more time to file their taxes in the midst of the coronavirus (COVID-19) pandemic.
On the state side, we have been in communication with the states where our clients live and/or file tax returns. To date, the following states have extended their payment due dates as well:
– All payments (2019, 1
QTR 2020, 2
QTR 2020 and any LLC or LLP payments) are extended to July 15, 2020
– Any payment due between April and May are due on July 1, 2020
– Any 2019 payment is deferred until July 15, 2020; we are awaiting guidance on 1
QTR 2020 estimates that would also be due April 15, 2020
– The MA website states they will follow Federal guidelines
The official word coming from The
State of Ohio
is that there has been no additional extension of payment provisions at this time. The current 4/15/2020 deadline is still in place. However, Ohio did state that updates are happening daily, so we will be continuing to monitor any changes.
We will continue to keep you updated on changes as they occur.
Stay Safe and Be Well!