COVID-19: Tax & Retirement Impact

Federal Taxes:

The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Federal income taxes on April 15, 2020, are automatically extended until July 15, 2020. This relief applies to all individual returns, trusts, and corporations. This relief is automatic, taxpayers do not need to file any additional forms or call the IRS to qualify.

This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020. Payments for estimated taxes are due on four different quarterly dates throughout the year:

• 1Q — April 15 (this has been delayed until July 15, 2020 as well)

• 2Q — June 15 (this has NOT been delayed yet, but likely will)

• 3Q — September 15

• 4Q — January 15 of the next year

Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. You will automatically avoid interest and penalties on the taxes paid by July 15. Individual taxpayers who need additional time to file beyond the July 15 deadline can request a filing extension by filing Form 4868.

State Taxes:

While it is expected that most state tax agencies will follow suit, like Arizona and Utah have already announced, more detailed information based on your specific state requirements can be found by clinking the link here: