The Internal Revenue Service (IRS) has extended the federal income tax payment AND filing deadline to July 15, 2020, as part of a growing effort to stem the financial pain from the coronavirus pandemic. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties. As is the case every year, you can request that the IRS grant a six-month extension to file your returns. If you wish to extend, please notify your Kruggel Lawton tax professional.
Other deadlines also extended to July 15 include:
Quarterly estimated federal income tax payments previously due on April 15
Individual Retirement Account and Health Savings Account contributions for the 2019 tax year
Filing of Forms 709 (United States Gift and Generation-Skipping Transfer Tax Return) and making payments of Federal gift and generation-skipping transfer tax due
Several states have also issued payment and/or filing extensions of their own:
Individual tax filings and payments, along with estimated payments originally due by April 15, 2020, are now due on or before July 15, 2020. Individual returns included are the IT-40, IT-40PNR, IT-40RNR, IT-40ES, ES-40 and SC-40.
Corporate tax filings and payments, along with estimated payments originally due by April 15 or April 20 are now due on or before July 15, 2020. Those originally due on May 15, 2020, are now due on August 17, 2020. Returns included are the
IT-20, IT-41, IT-65, IT-20S, FIT-20, URT-1, IT-6, IT-6WTH, FT-QP and URT-Q.
Penalties will be waived for 60 days for property tax paid after May 11 (July 10, 2020). This waiver does not apply to tax payments which have been escrowed by financial institutions on behalf of property taxpayers.
Personal property tax returns for the 2020-Pay-2021 tax cycle will remain May 15. However, a taxpayer may on or before May 15 request a 30
day extension (June 14, 2020).
Second quarter (2020) estimates, typically due June 15, have NOT been extended at this time.
MICHIGAN
Small businesses scheduled to make their monthly sales, use and withholding tax payments on March 20 can postpone filing and payment requirements until April 20. The state Treasury Department will waive all penalties and interest for 30 days. More info here.
All Michigan state tax filing and payment deadlines have been moved to July 15, 2020. View the press release.
TENNESSEE
The Tennessee Department of Revenue (DOR) has extended the due date for filing and paying franchise and excise tax from April 15, 2020 to July 15, 2020. Taxpayers will have until July 15 to file returns and make any payments (including quarterly estimated payments) originally due on April 15, 2020. Interest and late filing penalties will not be applied to returns filed and payments made on or before this extended due date. The October 15, 2020, six-month extension date for the calendar year 2019 return remains unchanged. This notice applies to franchise and excise tax only.
The Tennessee DOR is not receiving walk-in customers at their regional and downtown offices from March 20 through April 12, 2020.
Keep an eye on the Tennessee DOR website for future news releases and tax filing/payment updates.
OTHER STATES
The AICPA is actively following state tax filing guidance in the wake of the COVID-19 pandemic. This PDF publication is updated daily and includes information for all states.
A FRAUD WARNING FROM THE IRS
If you receive calls, emails, or other communications claiming to be from the Treasury Department and offering COVID-19 related grants or stimulus payments in exchange for personal financial information, or an advance fee, tax, or charge of any kind, including the purchase of gift cards, please do not respond. These are scams. Please contact the FBI at www.ic3.gov so that the scammers can be tracked and stopped.
