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Extension of April 15th Tax Payment and Filing Deadline in Response to COVID-19

On March 21, 2020, the Treasury Department and Internal Revenue Service (IRS) announced that the Federal income tax filing and payment due date will be automatically extended until July 15, 2020.

Any individual, trust, estate, corporation, or unincorporated business entity with a Federal income tax return or payment due on April 15, 2020, is automatically eligible for this relief. Taxpayers are not required to file any additional forms or call the IRS in order to qualify.

This relief only applies to Federal income tax returns and payments that are due April 15, 2020. It does not apply to the following:

  • Federal income tax returns and payments due on any date other than April 15, 2020;
  • Estate and gift tax returns;
  • Payroll and excise taxes;
  • State income tax returns and payments; and
  • Deposits or payments of any other type of federal tax.

In response to the Treasury Department and IRS’ announcement to extend the Federal income tax filing and payment due date to July 15, 2020, several states have issued revised filing guidance for state income tax returns, though many still have not. Among the states that have already enacted some form of tax filing and payment relief, Connecticut, Rhode Island and New York State have announced that they will mirror the IRS’ decision to postpone the tax payment and filing deadline for certain state income tax returns to July 15, 2020. Massachusetts has announced that it too intends to provide relief for taxpayers with respect to Massachusetts tax returns and payments, although it has yet to release any details regarding this relief.

For those with Individual Retirement Accounts (IRAs) and workplace-based retirement plans, the enacted relief also extends the deadline for making contributions to IRAs for 2019, to July 15, 2020. In addition, anyone who is required to pay the 10% additional tax (i.e., 10% early withdrawal penalty) on amounts includible in gross income from a distribution taken from an IRA or workplace-based retirement plan in 2019, also have until July 15, 2020 to report and pay such 10% additional tax.

Please contact your Hinckley Allen attorney to discuss any questions you may have regarding your tax filings.