Federal Deadline Extended
The Secretary of the Treasury has determined that any person with a Federal income tax payment or a Federal income tax return due April 15, 2020, is affected by the COVID-19 emergency. The due date for filing Federal income tax returns and making Federal income tax payments due April 15, 2020, is automatically postponed to July 15, 2020. Affected Taxpayers do not have to file Forms 4868 or 7004. There is no limitation on the amount of the payment that may be postponed. This postponement also changes the due date of the estimated tax payment due April 15, 2020, to July 15, 2020.
As of March 24, 2020, the IRS has changed the due date for contributing to IRA’s and HSA’s to July 15, 2020.
Of course, if you’re due a tax refund, you probably want to file as soon as possible so you can receive the refund money. Contact us with any questions you have about filing your return.
Illinois Extended Filing Due Date
As of March 25, 2020, the Illinois Department of Revenue (ILDOR) announced that tax filings and payments for all taxpayers are automatically extended until July 15, 2020 to be in line with the Federal income tax returns. However, unlike Federal taxes, Illinois estimated tax payments are still due April 15, 2020 and June 15, 2020. For more information, please see the ILDOR’s informational bulletin.
While Illinois 2020 estimated tax payments haven’t been extended, the ILDOR did offer additional relief for taxpayers in allowing taxpayers to have their 2020 estimates equal 100% of their 2018 tax liability. However, if you have already filed your 2019 Illinois return, the ILDOR is encouraging you to use your 2019 tax liability to calculate your 2020 estimates. For more information, please see the ILDOR’s informational bulletin.