Today the US Treasury Secretary moved the person and business tax filing and payment deadline from April 15 to July 15 so now filings are also extended for an additional period of time.
At this time, the deadline for filing your federal taxes is still April 15, unless you file for a 6-month extension. However, the IRS has given taxpayers a 3-month extension for payment of owed taxes, from April 15 to July 15. Of course, there are a few caveats. Non-corporate taxpayers are only allowed to defer up to $1 million without penalties or interest while corporate taxpayers are allowed a deferral of up to $10 million.
Additionally, this relief does not extend the deadline for making your quarterly estimated income tax payments due on April 15, 2020 for the 2020 tax year or for any other tax payments other than the federal income tax payments due on April 15 for tax year 2019. See IRS Notice 2020-17.
State of Iowa Taxes
On the heels of the IRS announcement, on March 19, the Iowa Department of Revenue extended the filing and payment deadline for several state tax types. Director of Revenue Kraig Paulsen signed the order in response to the COVID-19 pandemic.
Included in the extension are income, franchise, and moneys and credits taxes due on or after March 19. The new filing and payment deadline is July 31, 2020. Note, the extension does not apply to estimated tax payments. Full details are available on the Department of Revenue website.
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