The filing due date for 2019 tax returns may have been extended. Be sure you know which returns have been extended and which have not. Be aware that this may change daily.
The U.S. Secretary of the Treasury announced recently that Federal 2019 tax filings due April 15, 2020 will be extended 90 days to July 15, 2020. This came a couple days after the Secretary announced a penalty and interest free extension of time to pay any tax due on returns due April 15 for 90 days.
This news comes as a major relief. It is not intended to put off the filing of tax returns, but to aid in keeping most everyone still, isolated till a time when it is safe to go freely to your tax advisors and accountants.
What is the affect for your state and local filings? Not all states and municipalities have extended the filing deadline to date. At the time of this article, the State of Michigan has yet to extend the deadline. So, your state return is due April 15, 2020 unless a formal extension is filed by yourself or on your behalf.
Yes, there is rumbling in the state capitol in Lansing for extending the due date to file State of Michigan returns consistent with federal guidelines. There is approximately three weeks till the deadline.
As a CPA and a busy tax season accountant, I appreciate keeping the flow of returns thru the system. If the taxpayer is overpaid and a refund is due, it comes at a good time in these financially tough times. If the taxpayer owes taxes, planning for payment at the federal level is a luxury till July 15, 2020.
In the case of state and local filings, these returns are directly related to your federal return. Last minute extension at the state or local level could result in a trip to your tax preparer. Stay posted here for updates!!