Deadline extended to July to file tax returns
The Wisconsin Department of Revenue (DOR) says more filing and payment deadline dates will conform with recently released IRS Notice 2020-23, which makes it easier for taxpayers to comply. This notice automatically moves deadlines for filings and payments due between April 1, 2020 and July 15,2020, to July 15, 2020.
Summary of the new guidance:
• Extensions for filing returns – Income/franchise and pass-through withholding returns due on, or after, April 1, 2020, and before July 15, 2020, are extended to July 15, 2020.
• Extensions for return payments – Income/franchise and pass-through withholding tax due on, or after, April 1, 2020, and before July 15, 2020, will not accrue interest or penalties until July 16, 2020.
• Waiver of underpayment interest (UPI) on estimated payments – UPI will not apply to income/franchise and pass-through withholding returns with a tax year ending Dec. 31, 2019, or returns that are due on, or after, April 1, 2020, and before July 15, 2020
• Extensions for estimated payments of income/franchise and pass-through withholding tax – Estimated payments due on, or after, April 1, 2020, and before July 15, 2020, are extended to July 15, 2020. *Note, first quarter estimated payments are generally due April 15, 2020, and second quarter estimated payments are generally due June 15, 2020.
• Federal economic impact payments (stimulus payments) – Federal economic impact payments are not taxable for federal or Wisconsin income tax purposes. The IRS will not use the payment to pay federal or state tax debts, but will use it to pay past due child support payments that the states have reported to the IRS (Treasury Offset Program Bulletin 2020-8).
“It is a very good thing that the IRS has now provided certainty on this issue of estimated quarterly payments,” said DOR secretary Peter Barca. “In this time of crisis, we at the Wisconsin DOR will continue to do whatever we can to assist individuals and small businesses.”
