In this period of uncertainty and chaos, we strongly believe that informed individuals take better decisions. These are some updates available as of 3/21/2020. For any additional questions, please, reach out to our office.
IRS extends the filing tax deadline and payment to July 15, 2020 (90 days)
Payment Plan IRS – There are several options (duration, cost, etc.) to set up a payment plan with the IRS and professional guidance might be beneficial.
At this time, the New York State Tax Department has not extended the deadline to file personal income tax or other tax returns.
The NY DoF waives penalties for late filing, late payment, and underpayment penalties for business and excise taxes due between 3/16/20 and 4/25/20.
The New Jersey legislation might generate issues as there seems to be a difference with the Federal extension. Federal extension is until July 15, 2020, while NJ extension will be no later than June 30, 2020.
A.B. 3841 that is now in the Senate, provides that, following a determination by the IRS to extend the filing or payment due date, or both, for federal taxpayers who are required to file a federal return on or before April 15, 2020, a taxpayer required to make and file an annual return or quarterly return pursuant to the “New Jersey Gross Income Tax Act,” or the “Corporation Business Tax Act”, on or before April 15, 2020, will automatically receive an extension to file those returns, which extension will coincide with the extended due date established by the IRS; provided, however, the extended due date will be no later than June 30, 2020.
PA Department of Revenue has been closed since 3/17/20. The PA DoR has issued alerts on coronavirus. The expectation is that the PA DoR will replicate the Federal tax extension (waiting on official communication).
For any other States, please see updated status at – https://www.aicpa.org/
content/dam/aicpa/advocacy/ tax/downloadabledocuments/ coronavirus-state-filing- relief.pdf
Philadelphia set up a website with recommendations to individuals and business owners. There is no official communication for deadline or payment extension, but it is being discussed as an option.