Many of our clients continue to have questions about which deadlines are delayed. And if deadlines are delayed, are quarterly payments also delayed?
Fortunately, the IRS provides some answers and clarification with Notice 2020-23. Taxpayers with a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020, now have until July 15, 2020, to file returns and make payments without penalties or interest. This also includes Americans living and working abroad, and applies to individuals, trusts, estates, corporations, and other non-corporate tax filers, including fiscal-year filers. As a result, the vast majority of actions required to be taken by taxpayers from April 1 through July 14 will now be postponed with a new deadline of July 15.
To summarize: First and second quarter federal estimated tax payments are now both due by July 15.
State deadlines are a moving target as well. We have done our best to summarize this information on a state-by-state basis in an easy-to-sort Excel format. Access the state tax deadline spreadsheet*. Update: With the passing of NC Senate Bill 704, the Q1 and Q2 NC estimated tax payments are both now due on 7/15.
*Please note: This spreadsheet has been updated as of April 30, 2020 at 9 am EST but does include the new NC guidelines as of 5/4. As with many things these days, these guidelines are subject to change, and we will do our best to keep it as updated as possible and notate the time of most recent changes.
*Thanks to our friends at BDO SALT group for providing this spreadsheet information. Smith Leonard is a member of the BDO Alliance USA.