March 25, 2020

Tax Filing Updates Due to COVID-19 Outbreak

Federal Tax Filing

Income Tax Return Filing

In response to the effects of COVID-19, the Internal Revenue Service (IRS) announced that the filing and payment dates for federal income tax returns will be extended from April 15, 2020, to July 15, 2020.

IRS Notice 2020-18 provides that all individuals, trusts, estates, partnerships, associations and companies or corporations (Affected Taxpayers) provided in Section 7701(a)(1) of the Internal Revenue Code who are obligated to file a federal income tax return or make a federal income tax payment for the 2019 taxable year will be afforded an extension to July 15, 2020. Affected Taxpayers who are obligated to make federal estimated income tax payments (including payments of tax on self-employment income) on April 15, for the 2020 tax year, are also allowed to postpone these payments to July 15, 2020. Taxpayers do not have to file extension requests (i.e., Form 4868) in order to benefit from the postponed deadline. Additionally, there is no limitation on the amount of tax payment that may be postponed. This means that any amount of federal income tax payment may be postponed to July 15, 2020.

Other Federal Tax Filings

Are there extensions for other federal taxes or filing obligations? The short answer is no. The notice makes clear that “no extension for the payment or deposit of any other type of Federal tax, or for the filing of any Federal information return” is granted by the notice.

State Income Tax Filing—States Are Individually Responding to the IRS Postponement

States are making their own decisions based on the IRS’s decision to postpone the filing of federal income taxes. The most updated information for your state can be found on the state's respective website. Information on each state where a Faegre Drinker office is located is as follows:

Because of the fluidity of the COVID-19 situation, tax filing deadlines (federal and state) are being updated frequently, so clients should contact their accountants and attorneys if they have specific questions on filing requirements.

As the number of cases around the world grows, Faegre Drinker’s Coronavirus Resource Center is available to help you understand and assess the legal, regulatory and commercial implications of COVID-19.

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