Deadline to Pay and File Federal and Illinois Taxes Extended to July 15, 2020

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As part of the federal government’s attempt to provide some relief from the economic impact of the COVID-19 pandemic, Treasury Secretary Steven Mnuchin announced on March 18, 2020, a 90-day extension to pay Federal income taxes that would otherwise be due on April 15, 2020. On March 20, 2020, Secretary Mnuchin announced a 90-day extension to file Federal income taxes as well. Guidance from the IRS can be found here: https://www.irs.gov/newsroom/tax-day-now-july-15-treasury-irs-extend-filing-deadline-and-federal-tax-payments-regardless-of-amount-owed

Federal tax filings and payments are now due July 15, 2020. Also extended to July 15 is the due date for the payment of first quarter estimated federal income taxes for 2020.

Note, the federal extension of the time to file and pay tax does not extend the time to file and pay state tax. Individual states need to act independently to extend the due date for their tax payments.

On March 24, 2020, Illinois Governor J.B. Pritzker followed suit and extended the deadline to file and pay Illinois income taxes to July 15, 2020. Guidance from the Illinois Department of Revenue can be found here: https://www2.illinois.gov/rev/research/publications/bulletins/Documents/2020/FY2020-24.pdf

Illinois' extension explicitly does NOT impact the first and second installments of estimated payments for 2020 taxes that are due April 15 and June 15. Taxpayers are required to estimate their tax liability for the year and make four equal installments. Taxpayers will not be assessed a late estimated payment penalty if the amount of the installments equals 90% or more of the current year’s liability or 100% of the previous year’s liability.

Some other states have similarly extended the deadline to file and pay income and other taxes. It is important to confirm the state in which taxes are due have extended the deadline before missing the standard April 15 deadline.

The extensions applies only to income tax due April 15. It does not apply to any other types of taxes (i.e., employment taxes or gift and estate taxes).

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