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16639: COVID-19 Impact on Tax Deadlines


IRS Info/Alerts

Where can I find out more information about the novel coronavirus 2019 with regard to tax filing and payment deadlines?

 

On March 20, 2020, Treasury Secretary Steven Mnuchin announced that the tax filing deadline will now also be moved from April 15 to July 15. All taxpayers and businesses will have additional time to file and make payments without interest and penalties. More details will be added as received. At this time, we do not know if all states will conform to the July 15th extended deadline, but we are attempting to gather more information. 

IRS Notice 2020-18, released on March 20, 2020 states:

"Federal income tax filing and payment relief on account of Coronavirus Disease 2019 (COVID-19) emergency. The Treasury Department and IRS are providing relief to all taxpayers who have Federal income tax returns and Federal income tax payments due on April 15, 2020. The April 15, 2020 deadline is postponed to July 15, 2020. Associated interest, additions to tax, and penalties for late filing or late payment will be suspended until July 15, 2020."

The IRS has provided a new FAQ for some common questions about the filing and payment deadlines affected. 

 IRS Notice 2020-17, released on March 18, 2020, states the following:

"The Treasury Department and IRS are extending the due date for Federal income tax payments due April 15, 2020, to July 15, 2020, for payments due of up to $10 million for corporations and up to $1 million for individuals - regardless of filing status – and other unincorporated entities. Associated interest, additions to tax, and penalties for late payment will also be suspended until July 15, 2020." 

Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. The relief applies to the following:

  • individual taxpayers with a payment due (up to $1 million),
  • self-employed taxpayers with a payment due (up to $1 million)
  • first quarter estimated tax payments for the 2020 tax year (those that were originally due April 15, 2020),
  • trusts and estate returns with a payment due (up to $1 million), 
  • corporations with a payment due (up to $10 million).

The IRS has provided the following website for updates related to the coronavirus: Coronavirus Tax Relief

Payments 

In Drake19, the following update was released on March 24, 2020 for the 1040 and 1041 packages: "Until the IRS makes its changes to the federal payment deadline that allow 2019 tax returns to be e-filed with a payment date after April 15, 2020, the program will continue to use the default payment due date of April 15, 2020. The "Requested payment date" on screen PMT can be used to override the default date. Any date up to and including July 15, 2020, can be entered. Returns with payment dates later than April 15, 2020, will continue to be rejected until IRS implements its changes." The first quarter voucher will still be printed with April 15, 2020 due date. See Related Links below for details. 

For information about payments that have already been scheduled, see the IRS website Pay Taxes by Electronic Funds Withdrawal and FAQ 14

States 

The federal changes may or may not impact states. Review the state DOR websites for updated information about filing and payment deadlines.

Alabama: AL DOR 

California: CA FTB 

Colorado: CO DOR   

Connecticut: CT DOR  

Delaware: DE DOR 

District of Columbia (DC): DC OTR 

Florida: FL DOR

Georgia: GA DOR 

Indiana: IN DOR 

Kentucky: KY DOR

Louisiana: LA DOR  

Massachusetts: MA DOR  

Maryland: MD DAT  

Michigan: MI Treasury   

Minnesota: MN DOR 

New Jersey: NJ DOR  

North Carolina: NC DOR 

Ohio: OH DOR 

Oregon: OR DOR 

South Carolina: SC DOR 

Vermont: VT DoT

Washington (state): WA DOR 


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