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3/21/2020 – IRS Issues Guidance on Tax Deadlines and Payments

The IRS issued guidance on March 21, 2020 allowing a deferral of federal income tax filings and payments until July 15, 2020. 

• All individual, corporate and other non-corporate tax filers may defer federal income tax (including self-employment tax) filings and payments due on April 15, 2020 until July 15, 2020 without penalties or interest. 
• There is no limit on the amount that can be deferred. 
• The deferral is allowed for both balances due on the 2019 tax return and the 1^st quarter estimate for 2020. 
• Taxpayers now have until July 15, 2020 to make additional contributions to their IRA and HSA for the 2019 tax year.
• The deadline for filing gift tax returns that were due on April 15, 2020 has also been delayed until July 15, 2020.
• Minnesota Revenue has followed the IRS in deferring federal income tax filing and payments due April 15, 2020 until July 15, 2020 for individuals.  The deferral does not apply to C-Corporations and Trusts with filing requirements.      
• Minnesota issued guidance to help businesses with certain Sales Tax and MinnesotaCare tax filings requirements. 
• Other states are varied in their approach to filing and payment deadlines.

Please contact your Copeland Buhl representative for more information.