David Shulman, senior economist with the UCLA Andersen Forecast, explains how tax deferments are just the start of measures the federal government will need to keep the U.S. economy from slipping into a much worse situation.
Frantically working on your taxes to meet today's filing deadline? Stop. Go have another cup of coffee, and relax. In most cases, you don't have to file today, or anytime soon either.
April 15 was supposed to be tax day, but due to the coronavirus pandemic, that's changed at the federal and many state levels.
Here's the latest guidance for our region.
Federal Taxes
- The IRS has automatically deferred the filing deadline to July 15.
- Even if you owe money, you can wait til July 15 to pay it without penalty or interest, regardless of whether you're an individual or business.
- If you're on an installment agreement for past taxes owed, those are suspended through July 15 as well, though interest will still accrue.
- If you're getting a refund, you can still file whenever you want and get your refund about three weeks after filing, the IRS says.
- If you're getting a $1,200 relief check under the March 27 CARES Act, bookmark this page to see the status of your payment and also update your payment information.
State Taxes
NEW YORK
- The state of New York extended the filing deadline for personal and corporate income taxes to July 15.
- All payments due April 15 are now deferred to July 15 without penalty or interest.
- Sales tax payments were due March 20, but penalties and interest for late filers may be waived as well. See here for more details.
NEW JERSEY
- The state of New Jersey extended its tax filing deadline for individuals and corporations to July 15.
- Penalties and interest will not be imposed for tax payments deferred to the new date.
- 1st-quarter estimated tax payments are also extended to July 15, but 2nd-quarter estimated tax payments remain on their original schedule.
- The state has suspended payments under the 2017 Homestead Benefit program, which means you might not receive a credit against your May 1 property tax bill as expected. More info here.
CONNECTICUT
- The state of Connecticut also generally extended tax payment deadlines (full table here) until July 15.
- Small businesses that owe sales tax or room occupancy tax under a certain threshold have until May 31 to make those payments.
- Deadlines for quarterly estimated payments for both the first and second quarters are extended to July 15 as well.
Copyright NBC New York
