Last month, due to the COVID-19 emergency, the IRS extended the deadline to file any income tax return and pay any income taxes otherwise due on April 15, 2020 to July 15, 2020. This includes federal individual, corporate, partnership, and trust and estate tax obligations for 2019 and now also covers the first two estimated income tax payments for 2020 that would otherwise be due on April 15 and June 15.
The IRS later expanded the relief to include estate and gift tax returns, basis information returns, and returns for exempt organizations, otherwise due (originally or pursuant to a valid extension) between April 1, 2020 and July 15, 2020. Taxpayers who wish to have additional time beyond July 15 will need to file a request for extension.
Tax authorities in New York, New Jersey, and Connecticut have also extended all income tax returns and income tax payments otherwise due April 15 to July 15, 2020.
There are some differences between the federal tax deadline relief and the extensions to deadlines put in place by the states. Here are some examples from the Tri-State area:
New York
While the IRS extended both the April 15 and June 15 estimated tax payments, New York State has only extended the first quarter estimate. This means that the first estimated state tax payment is extended to July 15 but the second is due on the normal date, June 15. New York has also not yet extended the due date for estate tax returns due between April 1 and July 15.
New Jersey
New Jersey has not extended the second quarter estimated tax payment for individuals. It remains due June 15. Corporate returns have been extended to June 15, not the federal July 15 extension date.
Connecticut
Consistent with its neighboring states, Connecticut extended corporate and partnership returns to June 15, not the longer July 15 extension date for federal returns. Estate tax returns have not yet been extended.
