Federal and State Income Tax Payment and Filing Deadlines Extended to July 15

March 25, 2020

In response to the ongoing COVID-19 pandemic, the IRS and the Wisconsin Department of Revenue have postponed the usual April 15, 2020 deadline for filing federal and state income tax forms and payment of income tax liability, until July 15, 2020.  The hope is that this delay will provide some level of tax relief during the COVID-19 outbreak.

Here’s what the new income tax filing and payment deadline relief means to taxpayers:

  • The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their income taxes on April 15, 2020, are automatically extended until July 15, 2020.
  • Tax filers do not have to file any extension forms to be eligible for this new due date.
  • The relief applies to all taxpayers including individuals, trusts, estates, partnerships, associations, companies, and corporations.
  • There will be no interest or penalties for the period from April 15, 2020 to July 15, 2020.  Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020.
  • The relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020. However, at this time there is no relief with respect to the deadline to pay second-quarter estimated taxes, which remains June 15, 2020.

Links:

IRS:  https://www.irs.gov/pub/irs-drop/n-20-18.pdf

Wisconsin Department of Revenue:  https://www.revenue.wi.gov/Pages/News/2020/Tax-Deadline-Extended.pdf

For more information about "Federal and State Income Tax Payment and Filing Deadlines Extended to July 15," contact Judd A. Genda at jgenda@axley.com or 608.283.6700.