On March 21, 2020, the Treasury Department and Internal Revenue Service announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. This means taxpayers will have an extra 3 months this year to file 2019 tax returns and pay any balance they owe. However, estimated income tax payments for the second quarter of tax year 2020 are still due on June 15, 2020.
Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief.
The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days.
Many states also extended their deadlines. New York State personal income tax and corporation tax returns originally due on April 15, 2020, have been extended to July 15, 2020. In addition, all related tax payments due on April 15, 2020, may be deferred to July 15, 2020, without penalties and interest, regardless of the amount owed.
It should also be noted that Sales tax payments and returns in New York were due March 20, 2020; however, penalty and interest may be waived for quarterly and annual filers who were unable to file or pay on time due to COVID-19.
However, in New York State, no extension is provided for the payment or deposit of any other type of state tax, or for the filing of any state information return. So far there are no announcements regarding the extension of coming property taxes due in the City of New York either.
This alert does not purport to be a substitute for advice of counsel on specific matters. With tax filing related questions, please contact an experienced financial advisor, our office does not provide financial advice. Should you have any questions or concerns, please feel free to contact us, we are here to assist!
