Firm & News

COVID-19 States Corporate Tax Relief

Following the recent decisions to push back Tax Day to July 15, 2020, most of the States also decided to delay the 2019 corporate tax filing and payment to July 15, 2020.

We worked on providing you the current (as of April 8, 2020) deadlines applicable to corporate income tax returns, payments and estimated tax Q1 & Q2-2020 for all States. If your tax year ends is different than December 31st or have any concern regarding the tax filings or payment, our office remains open to help you.


Authority 2019 TRQ1-2020Q2-2020Comment
Federal 7/15/207/15/206/15/20
AK7/15/207/15/207/15/20
AL7/15/207/15/206/15/20
AR4/15/204/15/206/15/20
AZ7/15/204/15/206/15/20
CA7/15/207/15/207/15/20
CO7/15/207/15/207/15/202019 TR automatic extension until 10/15/2020
CT6/15/204/15/206/15/20
DC7/15/204/15/206/15/20
DE7/15/204/15/206/15/20
FL5/1/204/30/206/30/20
GA7/15/207/15/206/15/20
HI7/20/204/20/206/20/20
IA7/31/204/30/206/30/20
ID6/15/206/15/206/15/20
IL7/15/204/15/206/15/20
IN7/15/207/15/206/15/20
KS7/15/204/15/206/15/20
KY7/15/204/15/206/15/20
LA7/15/204/15/206/15/20
MA7/15/207/15/206/15/20
MD7/15/207/15/206/15/20
ME7/15/207/15/206/15/20
MI7/15/207/15/206/15/20
MN4/15/204/15/206/15/20C corporations receive an automatic extension to file their Minnesota return to the later of 7 months after the due date or the date of any federal extension to file.
MO7/15/207/15/206/15/20
MS5/15/205/15/206/15/20
MT5/15/204/15/206/15/20
NC7/15/204/15/206/15/20No penalties for filing on 7/15/2020 but interest will be charged after 4/15/2020
ND7/15/207/15/206/15/20
NE7/15/207/15/206/15/20
NH5/15/205/15/206/15/20The state relief is provided only to Business Tax taxpayers whose tax year 2018 total tax liability was $50,000 or less. Otherwise, Business taxpayers must pay in full at least the tax liability determined in 2018 or 2019.
NJ7/15/204/15/206/15/20
NM7/15/207/15/207/15/20Estimated tax penalty will be waived but interest will be charge from the original due date.
NVN/AN/AN/A
NY7/15/207/15/206/15/20
OH5/10/205/10/208/10/20No corporate income tax but Commercial Activity Tax due
OK7/15/207/15/206/15/20
OR7/15/204/15/206/15/20
PA8/15/204/15/206/15/20
RI7/15/207/15/206/15/20
SC7/15/207/15/206/15/20
SDN/AN/AN/A
TN6/15/204/15/206/15/20
TX7/15/20N/AN/A
UT7/15/204/15/206/15/20
VA6/1/206/1/206/15/20Extension due 5/1/2020
VT7/15/204/15/206/15/20
WA6/15/206/30/207/31/20
WI7/15/207/15/206/15/20
WV7/15/207/15/207/15/20
WYN/AN/AN/A
NYC4/15/203/15/206/15/20Can request waiver of penalty

The IRS decided to extend the 2021 tax deadline for the 2020 individual tax returns from April 15, 2021 to May 17, 2021. Penalties and


interest will start May 18, 2021.

If you are owed a refund, we recommend you file your return as soon as possible. Refund can take up to 21 days if you file electronically. We can help!

The extension of the tax deadline is for Federal only. Each State will decide to follow the Federal tax deadline. You should consult your state tax department or your tax advisor for more information.

Information returns are due to the IRS at the beginning of each fiscal year. Whether you've made payments to


thirds parties or to employees, you might need to report these payments. Various forms exist (W-2, W-2G, 1042-S, 1094-C, 1095, 1097, 1098, 1099 1099-NEC, 3921, 3922, 5498, 8027) with various deadlines and rules. We focus this short article on information returns 1099.
As we approach January 31st, we are dealing with a new information return: Form 1099-NEC
As we approach January 31st, we are dealing with a new information return: Form 1099-NEC. NEC stands for Non-Employee Compensation. Typically, contractors paid during the fiscal year 2020 will receive a 1099-NEC.

As a payor, your duty to the IRS is to send a report 1099 with information regarding payments above $600 in the aggregate made to third parties during the year. The deadline is January 31, 2021, and on form 1099-NEC the IRS did not allow an extension to file (exceptions apply).

It is highly recommended you keep a copy of W-9s requested to your business partners during the course of the year. W-9s should be updated each fiscal year, so you can report the information accurately to the IRS.

Regarding the redesigned form 1099-MISC, and following the IRS instructions, the recipients should receive notice by January 31, 2021 and you must file the form with the IRS no later than February 28, 2021 (or March 31, 2021 if filing electronically). You might as well request a 30-day extension to file.

Failure to comply with the information reporting may trigger penalties.

Contact your legal/tax advisor for additional questions and to help you comply with the information returns this year.

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