KTT Global Advisors

Update on April 2020 Tax Deadlines – 3/20/20

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UPDATE – Mar 20, 2020:

  • Treasury Dept announces that tax filing deadline has now been pushed to July 15 (3 months) to align with payment deadline

  • Status of Q1 2020 estimated payments not mentioned

  • Status of high earners or large corps not mentioned (see below)

  • No word on whether $1,200 payments will be taxable, but assume yes (1099-G, similar to unemployment)

  • CA and CT are in line with IRS; NJ/NY have not clarified

https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf

As you have heard the Treasury Department on Tuesday announced some adjustments to the income tax schedule for 2019 taxes.  Note that this is for IRS/federal filing only.  They are:

  • 90 day delay on PAYMENTS for individuals (1040) and c-corps (1120)

  • must still FILE on time (April 15)

  • partnership (1065)/s-corp (1120s) deadline was Monday (Mar 16) so that is not affected

  • so far does NOT apply to Apr 15, 2020 quarterly estimated payments, so get those in

  • if you owe more than $1M or a c-corp owes more than $10M – regular rules apply

STATE filings may follow a different schedule:

  • NEW JERSEY – bill with senate right now to delay payment AND filing deadline to match IRS timing

  • NEW YORK – no change to timing, as of March 16

  • CONNECTICUT – No change yet to individual filings. Partnership/s-corp filing delayed to April 15 and payments to June 15, corp (1120) to June 15

  • CALIFORNIA – filing AND payment deadline pushed to June 15. also applies to filings for partnerships that were due March 16. Q1 2020 estimated payments delayed to June 15

  • other states vary. see daily updates at:

https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf

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