COVID-19 Tax Filing Changes & Updates
As a result of the current Coronavirus (COVID-19) pandemic, Federal, State and Local tax agencies have extended filing and estimated payment due dates in order to help reduce the spread of the virus. All the outlined extended due dates are automatic, requiring no extension form filing.
Federal
The tax return filing due date has been extended from April 15, 2020 to July 15, 2020 for the following tax returns:
• Form 1040 – Individuals
• Form 1120 – C-Corporations
• Form 1041 – Trusts and Estates
The payments due on the tax returns listed above are now due by the extended filing due date, July 15, 2020. No penalties or interest will be assessed on payments received by this date.
It is recommended that if you are due a refund of 2019 taxes paid, that you file ASAP in order to expedite your refund in these trying times.
The contribution deadline relating to contributions claimed on 2019 tax returns for IRA, SEP & HSA accounts has also been extended to July 15, 2020.
For filers making quarterly estimated tax payments for 2020, the 1st and 2nd quarter estimated tax payments are due July 15, 2020 in one installment.
If you are unable to file your tax returns by July 15, 2020, there is still the option to file for an extension making the extended due date October 15,2020. Please not that all taxes related to your 2019 tax return must be paid on or before July 15, 2020 to avoid penalties and interest.
Pennsylvania
The tax filing due date for individual filers has been extended from April 15, 2020 to July 15, 2020.
The payments due on individual tax returns are now due by the extended filing due date, July 15, 2020. No penalties or interest will be assessed on payments received by this date.
For filers making quarterly estimated tax payments for 2020, the 1st and 2nd quarter estimated tax payments are due July 15, 2020 in one installment.
If you are unable to file your tax returns by July 15, 2020, there is still the option to file for an extension making the extended due date October 15,2020. Please not that all taxes related to your 2019 tax return must be paid on or before July 15, 2020 to avoid penalties and interest.
The deadline for property tax/rent rebate applications has been extended from June 30, 2020 to December 31, 2020.
Local’s
The tax filing due date for individual filers has been extended from April 15, 2020 to July 15, 2020.
The payments due on individual tax returns are now due by the extended filing due date, July 15, 2020. No penalties or interest will be assessed on payments received by this date.
For filers making quarterly estimated tax payments for 2020, the 1st quarter estimated tax payment is now due July 15, 2020. All other quarterly estimated payments will follow the normal due dates.
If you are unable to file your tax returns by July 15, 2020, there is still the option to file for an extension making the extended due date October 15,2020. Please not that all taxes related to your 2019 tax return must be paid on or before July 15, 2020 to avoid penalties and interest.
Other Information
As of now, all payroll, excise and sales tax payments and filings are due following their normal schedules. No filing or payment relief has been granted by the related tax agencies at this time.
As a small accounting firm, we are acutely aware of the devastating effect the pandemic has had on small businesses. We want you to know we are here for you when you need us.
We are doing our best to keep informed on the actions by the Federal and Pennsylvania governments to provide relief for small businesses. As we do so, we are keeping your business in mind so we may be in a better position to provide guidance to you if you need it.
Please call or email us to let us know if we can help you in anyway. We hope and pray you, your employees, and all your families stay safe and healthy.
