Filing tax returns is usually a main concern this time of year for individuals and businesses. With the current Coronavirus crisis, however, taxes seem much less important. On March 18, 2020, the IRS provided tax payment relief for individual and corporate taxpayers by delaying the tax payment date from April 15, 2020 until July 15, 2020.
Many states have now indicated that they intend to follow the federal lead for tax payments and/or extensions of time to file. This relief in payments or tax return filings varies by state, and more state announcements may be made in the coming days/weeks. To that end, the American Institute of CPAs (AICPA) has created a state-by-state chart to begin tracking the various state responses as to:
Here is a link to the AICPA website where you can access the “AICPA State Tax Filing Relief Chart for Coronavirus.”
Several states have already issued guidance extending tax return filing and payment deadlines including:
Since the federal government has only extended the time to pay taxes, but not to file the tax returns, it is unclear now what specific relief states will end up providing. We certainly expect most states to be issuing guidance on whether they will be providing any extension relief over the next few weeks. Please stay tuned and feel free to access the above chart as the AICPA has been updating it regularly.
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