The IRS and State of Pennsylvania have both issued updates to their 2019 tax return filing dates as well as the estimated tax payments due for tax year 2020.
The IRS has issued further guidance on the filing deadline. A majority of Individual and Corporate taxpayers that had an original due date of April 15, 2020 to file their tax returns have been granted an automatic extension of time to file. The returns are now due July 15th without any requirement to file for an extension with the service. If you require time beyond July 15th, you may still request an extension of time by filing the appropriate form and paying any tax owed by July 15th. As stated in our release last week, this automatic extension of time to file and pay does not apply if an individual owes over $1 Million or a corporation owes over $10 Million. In those cases, the traditional April 15th date still applies.
The IRS has also said on their website that the first quarter estimate for 2020 is also not due until July 15th for individuals and corporations. You can view their most recent release at https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020.
The State of Pennsylvania has also announced that they will extend their due date and payment date to July 15th. This extension includes a waiver of any interest or penalty. Additionally, the extension of time to file and pay also applies to the first quarter payment that would be due for 2020, making both the first and second quarter payments due on July 15th. You can view their most recent press release at https://www.media.pa.gov/Pages/Revenue-Details.aspx?newsid=307.
McClintock and Associates will continue to monitor and advise our clients on the changing tax deadlines and Covid-19 related tax changes as they occur.