As a follow-up to our March 19, 2020 article, which may be found here, the federal government extended the tax filing deadline three months to July 15, 2020. The United States tax filing deadline extension applies to federal income tax returns for individuals and C-corporations.
A few days ago, Treasury Secretary Steven Mnuchin announced that the deadline to pay individual and corporate taxes will be extended by 90 days. The extension is available to individual taxpayers who owe $1 million in taxes or less and corporations who owe $10 million in taxes or less.
For those who reside in a state with no state income tax, the federal deadline extension offers a reprieve from immediate tax deadlines. However, state filing deadlines are not impacted by the federal tax filing extension. States like New Jersey are attempting to adopt legislation that would postpone the state filing due date to June 30, 2020 but at the time of this article, New Jersey Governor Phil Murphy has not signed the state extension into law. It is important to remain aware of your respective state tax filing deadlines.
Michael Salad is a partner in Cooper Levenson’s tax practice group. He concentrates his practice on estate planning, probate, business transactions, mergers and acquisitions, tax matters and cyber risk management. Michael holds an LL.M. in Estate Planning and Elder Law. Michael is licensed to practice law in New Jersey, Florida, New York, Pennsylvania and the District of Columbia. Michael may be reached at 609.572.7616; 954.889.1850 or via e-mail at firstname.lastname@example.org.
Craig Panholzer is an associate in Cooper Levenson’s tax practice group. He concentrates his practice on estate planning, probate, business transactions and tax matters. Craig may be reached at 954.889.1856 or via e-mail at email@example.com.
Download: NJ Tax Filing Extension Bill.