Updated March 26....
The Illinois Department of Revenue released Information Bulletin 2020-24 on March 25 that changes the filing deadline to July 15, 2020 for 2019 tax returns and payments. This applies to individuals, trusts, and corporations.
This change does NOT impact 2020 estimated tax payments. First Quarter 2020 Illinois estimated tax payments are still due April 15.
We are monitoring all states that affect our clients, be assured we will contact you directly related to your state filing and payment requirements.
IRS Post FAQs
The IRS released on March 24 some common questions and answers related to coronavirus related filing and payments. Top items of concern:
- The relief below is for everyone, you do not have to be sick.
- IRA contributions can be funded for 2019 until July 15 (prior due date 4/15).
- Health Savings Accounts (HSA) contributions can be funded for 2019 until July 15 (prior 4/15).
- Extensions to file after July 15 to October 15 are due by July 15 (prior extension due date 4/15).
- 2nd Quarter 2020 estimates are still due June 15 (Yes 2Q now due before 1Q).
- No payroll tax relief at this time.
- No Federal relief for estates and gift taxes at this time.
- 2016 Claim for refunds (amended returns) not extended beyond April 15.
Dear Clients, Family and Friends:
The IRS released on March 20, Notice 2020-18 (This Notice supersedes Notice 2020-17), Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic. This Emergency Declaration instructed the Secretary of the Treasury to provide relief from tax deadlines to Americans.
GRANT of Relief
Any person with a Federal income tax payment due April 15, 2020 may postpone those payments (no dollar limitation) until July 15. Additionally, the due date for filing individual income tax returns (including trusts, estates, partnerships and corporations) is automatically changed to July 15. No extensions are required. This includes payments due for 2019 and first quarter of 2020. With respect to the postponed Federal income tax payments, NO Interest or Penalties will be assessed. If tax liability remains unpaid as of July 16, interest and penalties will begin to accrue.
What Has Not Changed
- It could still be advisable to file an extension if we will not file your returns by July 15 and for state reasons.
- States each have to pass their own law and relief.
- This does NOT include 2nd Quarter Federal income tax estimated taxes due June 15. As of now they are still due June 15.
- This does NOT include payroll taxes or 1st quarter payroll tax filings. As of now, payments are due through April and forms due the end of April.
- We are still working but there have been delays and we really appreciate all your support. We are focusing first on clients that have refunds coming to them that need those refunds due to economic difficulties or uncertainty of future financial stability. Then, we are working on items "first in first out". If filing an extension and completing your work after April 15 is not a concern to you, please reach out to me. It would be helpful.
This is changing daily and there will be more tax policy changes very soon. We will keep you updated.
We will not be back in the office until at least April, 7. Illinois has implemented a Stay at Home order. Everyone can make a difference and we are contributing to that by following the order. We continue to work remotely, but the workflow does now go as smoothly as working under normal conditions. Please do not hesitate to call or email me with any questions you may have and I will get back to you.
Most importantly is my concern for your health and well-being. Please if you think I can help you or your family in any way, please do not hesitate to contact me.
Take care and be well.
Jeffrey Levin, CPA