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IRS Extends Due Dates for Tax Filing and Payments to July 15; States Follow Suit

Posted by Admin Posted on Mar 19 2020

On April 10 the IRS issued its third change to extensions of tax return and payment dates due to the pandemic. 

The following returns and related payments that are due from April 1 to July 14 are automatically extended to July 15, 2020 without penalty or interest and without any action required -  individual income tax returns and estimated tax payments; corporate income tax returns and estimated payments (Forms 1120 and 1120S); partnership income tax returns (Form 1065); estate and trust income tax returns and estimated payments (Form 1041); estate and generation-skipping tax returns (Form 706); gift and generation-skipping tax returns (Form 709); exempt organization business income tax returns and estimated payments (Form 990-T), but not the standard exemption organization return, Form 990; and private foundation tax returns (Form 990-PF).    Indiana and most other states have announced that they will follow all federal changes.

      Consequently, for individual taxpayers, both the first and second quarter 2020 estimated tax payments (normally due April 15 and June 15, respectively) will be due July 15, 2020.

        If additional time is needed beyond July 15 to file a return, an extension filing will be required, with interest charged on any unpaid tax due at that time.  The standard extension dates will apply, i.e., to September 15 for S Corporations and partnerships and October 15 for individuals and C Corporations.

      The Indiana Governor's order "encourages" county assessors to allow a thirty-day extension to the May 15 deadline to file personal property tax returns.  Some counties have done so, but the St. Joseph County Assessor has stated that no extensions will be allowed.  However, payment of the first installment of 2020 property taxes that are due May 15, 2020 may be made up to thirty days late without penalty.  

        Our office remains open with limited staffing, but we encourage you to use our secure portal to transmit documents to us.  We will continue to monitor official pronouncements about tax filings.  As always, please contact us if you have any questions.