Individuals can defer up to $1 million of 2019 income tax payments, as well as first quarter tax estimate payments, until July 15, 2020. This includes trusts and estates.
C Corporations can defer up to $10 million of 2019 income tax payments until July 15, 2020.
The filing deadline for these returns has not been extended and is still April 15, 2020. However, extensions can still be filed.
Penalties and interest will begin to accrue on any balances not paid on July 16, 2020.
Individual states are not bound by this action. Wisconsin, as of this time, has not extended the payment deadline.
If you can file by April 15th, especially if you are expecting a refund, the government encourages you to do so.
Read more about the updates in our blog. If you have questions, don't hesitate to reach out by replying to this email or contacting a member of Chortek's Tax team.
