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Treasury Extension Revisions

POSTED 03/23/2020

Sarah Russell

As the Coronavirus numbers move fast, so does the Treasury Department!  On Friday, March 20 the Treasury revised the previous guidance issued.  Here is the latest:

What is covered in the 90-day extension?

  • The extension now includes an extension of time to file.
  • There is no longer a limitation on the amount of tax that can be deferred. ALL April 15 Federal Income Tax payments can be deferred until July 15.  This includes payments related to 2019 tax and first quarter 2020 tax payments and payments of tax on self-employment income.
  • The guidance is unclear when the extension form should be filed if a taxpayer won’t have all the necessary information to file a complete return by July 15. We are monitoring this and will update as more information is available.

State Filing Guidance

State filing and payment obligations are not covered by the IRS guidance.  Each state is addressing filing and payment obligations at the individual state level.  To date the following states have issued extensions related to income tax filings and payments:

  • Michigan, Colorado, Georgia, Massachusetts, Ohio, and Oregon treasury departments have said they will mirror IRS guidance; however, there has been no official pronouncements issued yet.
  • California filing and payments are extended until June 15 and include both 1st and 2nd quarter estimated tax payments.
  • Connecticut business returns are extended until June 15, with individuals extended until July 15.
  • Florida announced the Department of Revenue will offer flexibility on the deadlines of taxes due, including corporate income taxes and sales taxes. Some corporate income taxes can be deferred until the end of the fiscal year.  No other guidance at the time of this article has been provided.
  • Iowa filing and payments are due July 31 for all returns due between March 18 – July 31, which does not cover estimated tax payments.
  • Indiana individual and corporate returns, filing and payments, including estimated tax payments, are due July 15. If the original due date was May 15, the extension is through August 15.
  • Illinois estates with returns between due between March 16 – April 15 will receive a 30-day extension for filing and payment; however, statutory interest will accrue.
  • Maryland has a payment extension for individuals and businesses (expect this to update and include filing extension).
  • South Carolina filing and payments are extended until June 1, 2020 for individuals and corporate taxpayers. Quarterly estimates were not addressed.
  • Utah individual filing and payments are due the same day as federal individual returns. There is extension provided yet on business returns.

In addition to extended income tax filings, many states have offered relief of sales and use tax payments and filings  Many state treasury departments are closed but monitoring the IRS guidance.   Clayton & McKervey will be monitoring changing due dates as announced.  A great resource for state filings is provided by the AICPA.