With an annual April 15 deadline for tax returns right around the corner, these coming weeks would typically be crunch time for CPAs and Accountants across the nation. Delays and social distancing caused by the corona-virus have prompted extensions and relief at both the federal and state levels.
Federal Return Due Date: July 15, 2020
Under IRS Notice 2020-18, federal income tax returns and payments, are now due on July 15, 2020 regardless of the amount owed. This 3 month extension gives individuals, trusts, estates and corporations a little more time to pull together their paperwork and have a prepare returned.
State Return Due Date: July 15, 2020 for Individuals, April 15, 2020 for Estimated Payments
Minnesota has followed the Federal guidance in extending the due date for Individual returns and payments to July 15, 2020 but is still requiring estimated tax payments for Minnesota income tax due April 15 for the 2020 tax year.
Minnesota Governor Tim Walz issued an executive order on March 23, 2020, prohibiting evictions and residential foreclosures for the duration of this peacetime emergency. Any actions that were previously commenced, seeking to recover residential premises after March 1, 2020, are now on hold. This means no evictions or residential foreclosures may be commenced until the Executive Order is rescinded.
Please note that this does not relieve a tenant’s obligation to pay rent. Tenants are still obligated to make timely rent payments and late fees may continue to be charged after 60 days. Additionally, Tenants are still obligated to maintain a safe living environment. If a Tenant seriously endangers the safety of other residents, or if they are conducting unlawful activities, they may still be evicted.
What a week we’ve had here in Minnesota- our news cycle has replaced our ever interesting “spring” weather reports with covid counts, and our Minnesota Nice has taken an ever greater chill with small nods coming from a distance. Nonetheless, the team at Markve & Zweifel is still hard at work. As anxieties rise, do not hesitate to reach out with any questions regarding your estate plans, real property and small businesses. Our attorneys will do their best to provide advice, guidance, and a little humor to lighten the mood through e-mail, telephone and video conferences.
To schedule a meeting, head over to the Contact page and send a message, or give Cindy at a call at 763-450-1639.