Federal Income Tax Due Dates
The federal due date to file and make payments on taxes due for the calendar year ended December 31, 2019, has been extended to July 15, 2020, from the original due date of April 15, 2020.
This extension to July 15, 2020 is automatic which means you DO NOT need to file FORM 4868 or Form 7004 for the extension.
- In addition, Quarter 1 federal estimated income tax payments are now due July 15, 2020, not April 15, 2020.
- There will be NO calculation of interest, penalties, or additional tax for the period of April 15 through July 15, 2020, for not filing your tax return. The interest and penalties will start accruing on July 16, 2020.
This extension applies to Individuals, C Corporations, Trusts, Estates, Partnerships, S Corporations where the tax returns were ORIGINALLY DUE April 15, 2020. However, if your Partnership or S Corporation tax returns were due on March 15, 2020, this automatic extension DOES NOT apply to you.
Additional details can be found on the IRS.gov website here: https://www.irs.gov/newsroom/irs-extends-more-tax-deadlines-to-cover-individuals-trusts-estates-corporations-and-others
State Income Tax Due Dates
Please make sure to check your state’s filing due dates as a result of COVID-19. Here is a link to the AICPA that summarizes each state’s position on the extension: https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf?mod=article_inline
Illinois State Income Tax
Since we are headquartered in Illinois, we will only mention Illinois’ change. Illinois has extended the filing and payment deadline to July 15, 2020 for taxpayers filing income tax returns with an original due date of April 15, 2020. The extension is automatic, meaning that you do not need to send in a form to receive the extension.
Eligible taxpayers include:
- Individuals
- C Corporations
- Trust income tax returns
- Tax Payments, including estimated tax payments, originally due April 15, 2020.
Unfortunately, the automatic extension DOES NOT apply to either the first or second quarter estimated income tax payments due April 15, 2020 and June 15, 2020.
More information can be found here: https://www2.illinois.gov/rev/research/publications/bulletins/Documents/2020/FY2020-26.pdf