03/28/2020
Update Regarding Federal and Illinois Return and Payment Due Dates
Federal:
Following up on the Treasury Secretary's March 18 tweet, the IRS released Notice 2020-18 formalizing the July 15, 2020 filing and payment due date. The highlights are as follows:
โข The April 15, 2020 due date for filing all 2019 Federal Income Tax Returns has been moved to July 15, 2020.
โข The April 15, 2020 due date for making all 2019 Federal Income Tax Payments has been moved to July 15, 2020.
โข The April 15, 2020 due date for making all 2020 Federal Income Tax Estimated Payments has been moved to July 15, 2020 (i.e 1st Quarter Estimates).
โข There is no limitation on the amount of the payments that can be deferred until July 15, 2020.
โข Affected Taxpayers include individuals, trust, estates, partnerships, and corporations.
โข There is no application for extension required with respect to the postponement of the due date to July 15.
โข In a follow-up FAQ release, the IRS has stated that the normal extension filing process will be available for the new July 15, 2020 date; for those taxpayers needing additional time beyond July 15. The extended due will remain October 15, 2020 for individuals and corporations.
โข The notice does not change the timing of 2020 Federal Income Tax Estimated Payments for the 2nd Quarter, which remain due on June 15, 2020 as of the notice date.
โข Prior Notice 2020-17 addressing payment deferrals has been superseded by the new notice.
Illinois:
On March 25, 2020, the Illinois Department of Revenue released Information Bulletin FY 2020-24 announcing the extension of filing and payments for the 2019 tax year. Highlights are as follows:
โข The filing deadline for Illinois Income Tax Returns has been extended from April 15, 2020 to July 15, 2020.
โข There is no application for extension required with respect to the postponement of the due date to July 15.
โข Affected taxpayers include individuals, trust, and corporations.
โข The Bulletin does not extend the due date for making 2020 Illinois Estimated Tax Payments (i.e 1st and 2nd Quarter Estimates).
Contributors: David Thibault, Managing Partner; Barry Burchel, Tax Director