We want to let you all know that for the past two weeks, the Federal and State laws are changing almost daily. We will continue to provide you information regularly.
Here is a summary of what is going on:
- All income tax filings that have a due date of April 15 are now extended to July 15.
- This includes: Individuals, corporations (including C corps), trusts/estate income tax returns, and now applies to gift tax returns.
- The extended due date DOES NOT apply to asset estate tax returns that are due on April 15.
- Balance dues paid by July 15 will not incur any penalties nor any interest.
- Underestimated tax penalties still apply and therefore must be computed.
- Information returns due April 15 ARE NOT extended. So, disregarded LLCs filing proforma 1120s for foreign related disclosure purposes ARE STILL DUE APRIL 15.
- The 1st quarter 2020 estimated tax payment is now due July 15.
- The 2nd quarter 2020 estimated tax payment is still due June 15. This estimated tax payment HAS NOT been extended.
- Foreign nonresident tax returns due June 15 have not been extended. They are still due June 15.
- NY, CT, IL, and CA are confirmed states that have extended their deadlines to July 15. As of today, NJ HAS NOT extended to July 15, but is expected to. There are publications (like Bloomberg) online that give state by state tax deadline reporting.
We know that the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was just signed into law on Friday, March 27th. We will provide more information regarding the CARES act later this week.