Tax Deadline Information

Treasury Secretary Steven Mnuchin announced Tuesday, March 17, that individual taxpayers will be allowed to defer up to $1 million in tax payments for 90 days beyond the original due date of April 15, 2020.  Included in this deferral are the payments due April 15, 202: your 2019 liability and your first estimate payment for 2020.  Business taxpayers could defer up to $10 million (no business estimates are included) for the same 90 day period.  It is clear that there will be no penalties or interest charged during this 90 day extension.  On Friday, March 20, 2020, Secretary Mnuchin annouce via Twitter that "we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties."

On March 19, 2020, the Director of the Iowa Department of Revenue signed Order 2020-01 extending both the due date and payment date of your 2019 Iowa income tax return.  The order covers all Iowa tax returns with a due date after March 19,2020 and before July 31, 2020.  This extension covers both filing of returns and payment of tax.  It DOES NOT cover any extension of 2020 estimated tax payments.

Illinois has yet made any changes in either the due date of returns or in the due date for paying any taxes due.  The state legislature is presently adjourned as  a result of the pandemic.  

Many details remain unclear with respect to this relief, and no official written guidance has been released as of March 19, 2020.   

If you have any questions or concerns please feel free to call us at 563-332-8288.