Dear Gamburg CPA Client,
On March 17th I sent an email that the tax deadline for this year might be extended, but there were a lot of nuances to it, so I was waiting to send a clarification email until we knew most of the new deadlines.
As opposed to last year, where the whole deadline including the tax payments was pushed to July, this year only part of the deadline is extended.
- Only the Federal individual tax filing deadline is extended to May 17th. Only Federal individual 2020 taxes will be now due on May 17th, and this includes any tax payments for 2020.
- C-type corporations, estates, and trusts returns were due on April 15th, and are still due on April 15th. The C-corporations, estates, and trusts deadline was not extended.
- Federal individual and entity estimated taxes for the 1st quarter 2021 were due on April 15th, and are still due on April 15th. The 1st quarter 2021 estimate deadline was not extended.
- Most states complied with the Federal guidelines extending the individual tax deadline for 2020 taxes to May 17th, but keeping estimated tax deadlines for the first quarter of 2021 on April 15th. Those states are: Arkansas, California, Connecticut, Colorado, District of Columbia, Delaware, Georgia, Illinois, Indiana, Kansas, Kentucky, Massachusetts, Maine, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, North Carolina, North Dakota, New Jersey, New Mexico, New York, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Utah, Vermont, Virginia, West Virginia, and Wisconsin.
- The following states are slightly different: Louisiana- the deadline in this state was always May 15th (May 17th this year, as May 15th is a Saturday). Maryland- the deadline for 2020 taxes, as well as 1st and 2nd quarter estimates for 2021, is now July 15th.
- The following two states announced that they are not extending the April 15th deadline: Hawaii, and New Hampshire.
We are still waiting on software updates in a few states, so we can file with the rules reflected above. This is what can cause a slight delay in filing your 2020 taxes. We expect that all individual clients that will submit their tax information to us no later than April 15th, will be filed timely on May 17th, unless a client wants an extension or missing information.
Thank you very much, and stay healthy!
Ariel Gamburg, CPA, MBA