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.