March 25, 2020
As part of the expanding and extraordinary measures being taken by the Federal government to combat the economic impact of the COVID-19 pandemic, the IRS issued a revised notice on March 21st that the federal income tax filing due date has been extended to July 15th, 2020. There are some important details worth noting about this announcement that are outlined below.
- The extended due date does not require any filing or IRS notification. It automatically applies to all taxpayers including individuals, trusts, estates, corporations, and other non-corporate filers.
- This applies to the filing deadline and to tax payments normally due on April 15th including remaining 2019 taxes owed, first quarter 2020 estimated tax payments, and self-employment taxes. Second quarter estimated tax payments are still due on June 15th.
- There is no maximum on the amount that can be deferred.
- Refunds are still being processed. Taxpayers expecting a refund should consider filing returns as soon as possible.
- Minnesota announced that its filing deadline has also been extended to July 15th. Remaining tax payments due for 2019 have also been extended to July 15th. However, as of now, Minnesota has not extended the deadline for 2020 quarterly tax payments that would normally be due on April 15th.
- The IRS has confirmed that 2019 IRA and HSA contribution deadlines are also extended to July 15th.
We are continuing to monitor this quickly changing environment and plan to continue to communicating updates throughout this period of time.