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Additional taxpayer relief: 2019 taxes and 2020 estimated tax payments

The IRS issued additional formal guidance providing relief for taxpayers affected by the COVID-19 pandemic. Pursuant to the guidance, tax filings and tax payments normally due between April 1, 2020, and before July 15, 2020, are now due on July 15, 2020. This includes the following forms:

•    1040 for individual income 
•    1041 for trust and estate income
•    1120 for corporation income
•    1120-S for S corporation income
•    990-T and 990-PF for exempt organizations
•    709 for gift tax
•    706 for estate tax 

Taxpayers do not have to file Forms 4868 or 7004 to request an extension. Further, the 2020 first-quarter and second-quarter estimated tax payments are now due on July 15, 2020. 
The Illinois Department of Revenue has also provided guidance that automatically extends the deadline for paying and filing 2019 Illinois income taxes from April 15, 2020, to July 15, 2020. It is important to note that Illinois has not extended the deadline for 2020's quarterly estimated tax payments. Therefore, the first-quarter estimated tax payment remains due on April 15, 2020, and the second-quarter estimated tax payment remains due on June 15, 2020. However, Illinois now states that 2020 estimated tax payments can be calculated based on 100% of the taxpayer’s actual liability for 2018, 2019 or 2020. This allows taxpayers to compute the 2020 quarterly payment as of April 15, 2020, and June 15, 2020, even if the 2019 tax return is not filed until July 15, 2020.
Since the tax laws are confusing and inconsistent, it’s best to contact a Chuhak & Tecson attorney to help you navigate through tax transactions or controversies. 
Client alert authored by: David B. Shiner (312 855 4319), Principal, J.D., LL.M Taxation

This Chuhak & Tecson, P.C. communication is intended only to provide information regarding developments in the law and information of general interest. It is not intended to constitute advice regarding legal problems and should not be relied upon as such.

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