Yesterday (3/20/20) the Internal Revenue Service issued Notice 2020-18 which supersedes Notice 2020-17 (regarding a postponement in income tax payments) and which automatically postpones to July 15, 2020 the filing of federal income tax returns and the making of federal income tax payments due April 15, 2020 by Affected Taxpayers. Affected Taxpayers include individuals, a trust, estate, partnership, association, company or corporation. Affected Taxpayers do not have to file Forms 4868 (individual extension) or 7004 (corporation extension).
As of yesterday, according to the Massachusetts Department of Revenue (MA DOR) in the event the Internal Revenue Service (IRS) issues tax relief to taxpayers with federal filing obligations, DOR is prepared to follow the IRS in offering similar relief for taxpayers with Massachusetts tax filing obligations.
Every taxpayer must decide if they wish to follow these relief provisions, or, rather, continue to file and pay their taxes according to long-standing due-date deadlines. For individuals, this would mean continuing to file their individual tax returns by April 15th 2020 (or extending until October 15th) and remitting 2020 quarterly estimated tax payments on April 15th (Q1 2020), June 15th (Q2 2020), September 15th (Q3 2020) and January 15th (Q4 2020).
If possible, we recommend you follow the long-standing due date deadlines, rather than defer your filings and tax payments. If you decide otherwise, please let us know so that we can maintain an accurate record in your tax file.
If you have any comments or questions please do not hesitate to contact our office.
Please stay safe!