In response to IRS Notice 2020-18 extending the due date for filing tax returns and making tax payments to July 15th, states are issuing guidance as to how they will react to the IRS release.
- On March 21, 2020, the Missouri Department of Revenue updated their COVID-19 tax extension guidelines. The DOR is now extending the individual and corporate tax filing deadline to July 15, 2020. Income tax payment deadlines for individual and corporate income returns with a due date of April 15, 2020, are extended until July 15, 2020. This payment relief applies to all individual income tax returns, income tax returns filed by C Corporations, and income tax returns filed by trusts or estates. The Department of Revenue will automatically provide this relief, so filers do not need to take any additional steps to qualify. This relief for individuals and corporations will also include estimated tax payments for tax year 2020 that are due on April 15, 2020.
- On March 23, 2020, the City of St. Louis Collector of Revenue Gregory F.X. Daly has extended the earnings tax filing deadline from April 15, 2020 to July 15, 2020, to mirror the federal and state deadline. Income tax payment deadlines for individual and corporate income tax returns due on April 15th are extended as well. This relief for individuals and corporations will also include estimated tax payments for tax year 2020 that are due on April 15, 2020.
- On March 18, 2020, the FTB updated their COVID-19 tax extension guidelines. The board is now extending the filing and payment deadline to July 15, 2020 for individuals and businesses required to file 2019 tax returns, 2019 tax return payments, 2020 1st and 2nd quarter estimated payments, 2020 LLC taxes and fees, and 2020 non-wage withholding payments. The FTB administers the personal and corporate income taxes, the LLC annual tax and fee, and partnership requirements.
- On March 25, 2020, The Illinois Department of Revenue extended the filing deadline from April 15, 2020 to July 15, 2020, mirroring the federal extension. This relief applies to all individual returns, trusts, and corporations. The income tax payment deadline for 2019 filings is also extended to July 15th.
- Note, this does not apply to first and second installments of estimated payments for 2020 taxes that are due on April 15th and June 15th. Those deadlines remain in tact and can be subject to penalties if not followed.
We will continue to monitor these states, as well as the rest of the country, and will provide updates as they are released. A daily update to states decisions is being posted regularly by the AICPA, for a full state chart, please click here.