Tax Deadline and Payments Extended to July 15, 2020

The deadline to file individual federal tax returns has been automatically extended to July 15, 2020 – as announced by the Treasury Department and IRS on Friday, March 20, 2020. No additional forms need to be filed to receive the 90-day extension. The extension applies to corporations, estates, and trusts.

Minnesota Department of Revenue also extended the individual income tax return filing deadline to July 15, 2020. Taxpayers who file in multiple states need to confirm those states will all follow the federal’s extension. Wisconsin also has announced its plans to extend the deadline.

All Federal tax payments originally due on April 15, 2020 will receive a penalty and interest-free deferral to July 15, 2020.  This affects payments due for the 2019 filing year and estimated tax payments due for the first quarter of 2020.  The State of Minnesota has also announced its intention to defer 2019 payments to July 15, 2020 and are working through a process to make that official.  These deferrals are automatic and require no additional action.  Please contact your advisor for further information or possible payment deferrals in other states.

The IRS is urging taxpayers who anticipate receiving a refund to continue filing as soon as possible.

While the due date of April 15, 2020 has not changed, under current Minnesota law, corporations, partnerships, fiduciaries, and S-Corps receive an automatic extension to file their state return to the date of any federal extension to file.

The announcement follows the President’s emergency declaration last week related to the COVID-19 global pandemic.