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Focus Area: Coronavirus/COVID-19

Tax Deadline Extended

In addition to the delay in the filing due date, taxpayers may also defer income tax payments due on April 15, 2020 to July 15, 2020 without penalties and interest, regardless of the amount owed. This includes any income tax owed on a taxpayer’s 2019 federal and Wisconsin returns, as well as any first quarter state and federal estimated tax due on April 15, 2020. This tax deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. Taxpayers do not need to file any additional forms to qualify for this automatic tax filing and payment relief.

Please note, however, that no action has been taken at the federal or state level to extend the due date of the second quarter estimated tax payment. Therefore, taxpayers should plan on submitting their second quarter estimated tax payment on or before June 152020

Please contact a member of our Tax team if you have any questions during this ongoing situation. 

DISCLAIMER: The information provided is for general informational purposes only. This post is not updated to account for changes in the law and should not be considered tax or legal advice. This article is not intended to create an attorney-client relationship. You should consult with legal and/or financial advisors for legal and tax advice tailored to your specific circumstances.

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