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Tax Filing and Tax Payment Relief for Coronavirus/COVID-19 Pandemic

April 6th, 2020 • Tax & Commercial Services

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Christine A. Hugh, CPA

On March 23, 2020 the Treasury Department and Internal Revenue Service announced that the federal income tax filing due date would be automatically extended from April 15th, 2020 to July 15, 2020. Many states have also followed in their steps and have adjusted their state tax deadlines. As of April 3rd, 2020 here is some information on the federal and state due dates.

AS OF 4/03/2020:

FEDERAL

Income tax filing and payment due dates extended from April 15 to July 15, 2020. This applies to all taxpayers whose return would have been due on April 15, 2020, including individuals, C Corps, trusts, estates and Gift and Generation-Skipping Transfer tax returns. The extension is automatic; no extension forms have to be filed on April 15th to extend the date to July 15th. The extension applies to any payment of federal income tax, including payments of tax on self-employment income for 2019, as well as first quarter payments of estimated tax for the 2020 tax year. The extension of the due dates does not apply to payments or deposits of any other type of federal tax, nor does it extend the due date for the filing of any federal information returns.

MAINE

Income tax filing and payment due dates extended from April 15 to July 15, 2020 for personal income tax, corporate income tax and estates and trusts. The extension is automatic; no extension forms have to be filed on April 15th to extend the date to July 15th. This includes any final and estimated Maine income tax payments originally due by April 15, 2020.

MASSACHUSETTS

The tax filings and payment due dates for personal income tax, estate and trust income tax, partnership composite returns and personal income with respect to deemed repatriated income are extended from April 15 to July 15, 2020. The extension is automatic; no extension forms have to be filed on April 15th to extend the date to July 15th. The first and second installments of estimated tax, originally due April 15, 2020 and June 15, 2020, respectively, have also been extended to July 15, 2020. At this time, the C-Corp deadline has not been extended and still remains at April 15th, 2020 (please note that the DOR is waiving late-file and late-payment penalties for C-Corp returns that are filed and paid by July 15, 2020 but interest will still accrue).

NEW HAMPSHIRE

Business Profits Tax (BPT), Business Enterprise Tax (BET) and Interest & Dividends Tax (I&D) income tax filing and payment due dates are extended from April 15 to June 15, 2020 for most taxpayers. Taxpayers who qualify for this specific relief are Business Tax taxpayers with tax liabilities of $50,000 or less in taxes (BPT and BET tax liability) for tax year 2018 and I&D taxpayers with tax liabilities of $10,000 or less for tax year 2018. The extension is automatic; no extension forms have to be filed on April 15th to extend the date to June 15th. For estimated payments, existing safe harbors will be expanded to allow for no penalties due to the underpayment of estimates if 2020 quarterly payments total 100 percent of what was owed in tax year 2018, with at least 25 percent due in each quarter. The filing deadline for taxpayers who do not qualify for this specific relief (BPT and BET tax liabilities are over $50,000 and/or I&D liabilities are over $10,000) is still April 15, 2020.

VERMONT

Income tax filing and payment due dates extended from April 15 to July 15, 2020 for personal income tax, corporate income tax, fiduciary income tax, and homestead declaration and property tax credit claims. Extension also applies to any tax year 2020 estimated payments due for these taxes on April 15, 2020.

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