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Federal Tax Deadline Extended; Some State Rules Still Up in Air

Posted by Concannon Miller on Fri, Mar 20, 2020

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The federal tax deadline has been extended from April 15 to July 15 due to the Coronavirus pandemic, officials announced Friday.

The White House had announced previously they were deferring tax payments for 90 days, but that Americans would still need to file by April 15. Now, the filing deadline will be extended into the summer, as well.

Filing requirements remain influx for many taxpayers, however, as some state and local deadlines remain April 15, as of now. Many local governments have announced intentions to adjust their deadlines, however, so it’s expected some if not most will change.

READ MORE: Actions to Take to Reduce the Coronavirus’s Business Impact

The American Institute of Certified Public Accountants (AICPA) is tracking the situation in all 50 states. The AICPA’s complete State Tax Filing Relief for Coronavirus Chart can be viewed here.

  • On March 21, Pennsylvania announced it had extended both its state tax filing deadline and tax payment deadline to July 15. Get more details here. As of March 27, both Berkheimer and Keystone Collections had extended their local tax deadlines to July 15, as well.   
  • On April 1, New Jersey state officials announced the state income tax filing deadline and the corporation business tax filing deadline will be pushed back to July 15.

Earlier this week, the federal government announced that individual and small business filers would be able to defer payments of up to $1 million and corporations can defer up to $10 million without incurring interest or penalties through July 15.

This is a very fluid situation. We’re actively monitoring the changing tax situation and will continue to update you.

Please contact us here with any questions. Being there for you and assisting our community through these challenges is our number one priority.

Topics: Business tax planning, Individual tax planning, 2020 Coronavirus

Concannon Miller’s unique, holistic and intimate approach to financial health sets us apart from smaller CPA firms with more limited resources as well as mega firms where mid-sized clients struggle for attention. Contact us here to talk about improving your business.

This communication is designed to provide accurate and authoritative information in regard to the subject matter covered at the time it was published. However, the general information herein is not intended to be nor should it be treated as tax, legal, or accounting advice. Additional issues could exist that would affect the tax treatment of a specific transaction and, therefore, taxpayers should seek advice from an independent tax advisor based on their particular circumstances before acting on any information presented. This information is not intended to be nor can it be used by any taxpayer for the purposes of avoiding tax penalties.

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