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Individual tax filing deadline extended

March 20, 2020

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The individual tax filing deadline will be extended to July 15th. According to Treasury Secretary Steven Mnuchin all taxpayers and businesses will have this additional time to file and make payments without interest or penalties.

Federal Filing Updates (below are all extended from April 15, 2020, to July 15, 2020):

• 2019 individual and “C” corporation income tax returns and payments
• First quarter 2020 estimated income tax payments
• IRA and HSA contributions for 2019
• Retirement plan contributions for 2019
• Installment payments under section 965
• Certain international information returns such as Forms 5471, 5472, etc
• Forms 990-T

Note: there are still advantages to filing your return by April 15, including the ability to accelerate refunds, if applicable, receive important cash flow planning information, and potentially carry back losses if the currently proposed legislation is ultimately enacted.


Alabama Filing Updates:

•  State income tax filing due date is extended from April 15, 2020, to July 15, 2020.

•  Taxpayers can also defer state income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers.

•  Other taxes included in the deadline extension are corporate income tax, the Financial Institution Excise Tax (FIET), and the Business Privilege Tax (BPT).

•  Individual taxpayers who need additional time to file beyond the July 15 deadline can request a filing extension through the usual methods.

 

Mississippi Filing Updates:

•  The deadline to file and pay 2019 Mississippi individual and corporate income taxes has been extended to May 15, 2020.

•  Withholding tax payments for the month of April are extended until May 15, 2020.

•  The extension does not apply to sales tax, use tax or other types of taxes.

Updated 3.26.2020 at 12:30 PM