Reminder of 2020 Tax Filing Due Dates

April 16, 2020

In light of the various updates from the IRS regarding the change in tax due dates, we wanted to take the time to review the updated due dates for filings. As a general note, any filing and payment due dates between April 1, 2020 and July 15, 2020 have been extended to July 15, 2020. Late payment penalties and interest will not be accruing during this time period.

Tax Return Due Dates

As mentioned above, in general, tax filing and payment due dates have been extended to July 15, 2020, for most returns and income taxes due between April 1, 2020 and July 15, 2020. Among other return types, the following returns are included:

• Individual Income Tax Returns – Form 1040
• Corporate Income Tax Returns – Form 1120
• Trust & Estate Income Tax Returns – Form 1041
• Non-Profit Information Returns and Income Tax Returns – Forms 990 & 990-T
• Gift Tax Returns – Form 709
• Estate Tax Returns – Form 706
• FBAR Foreign Financial Reporting – FINCEN Form 114

In addition, there are other more specific return types that have also been extended until July 15, 2020. If you are unsure of your specific filing deadlines, please discuss with your accountant. Returns originally due April 15, 2020 (that have now been extended until July 15, 2020), can still be placed on extension until October 15, 2020. However, any payment due would need to paid by July 15, 2020, to prevent any late payment penalties or interest from being charged past July 15, 2020.

Personal Property Tax Relief

Nebraska Personal Property Returns are due to Nebraska County Assessors by May 1, 2020. While the due date has not been extended, the penalties for late filing of personal property returns will not be charged between May 2, 2020 and July 15, 2020. As well, the $10,000 exemption for personal property will not be forfeited if the return is filed by July 15, 2020. So, while the due date is still May 1, 2020, there is relief available if the return is unable to be filed at that time. At HBE, our goal is to file personal property returns by May 1. Please continue to send us your fixed asset information if we do not already have it.

Tax Estimate Due Dates (Applies to Both Individual & Business Tax Estimates)

• Federal
  • First Quarter – July 15, 2020
  • Second Quarter – July 15, 2020
• Nebraska
  • First Quarter – July 15, 2020
  • Second Quarter – June 15, 2020*

*Note: There is a chance that Nebraska will end up conforming to Federal due dates for the Second Quarter Estimate, making them due on July 15, 2020. However, at this time, that date has not yet been extended.

It is important to note that, while many states have conformed to the Federal due dates, each state is different and some have not conformed in the same way. If you are not sure what the state due dates are for filing and payment in your individual tax situations, please reach out to your accountant for guidance.

Economic Impact Payments

This past week, the IRS and the Treasury Department began sending Economic Impact Payments to taxpayers as part of the recently passed CARES Act. As a reminder, most taxpayers are receiving $1,200 for single taxpayers, $2,400 for married taxpayers, and $500 per qualifying dependent child under 17. As your income rises above $75,000 for single taxpayers and $150,000 for married taxpayers, the credit gets phased out and possibly reduced to $0. Yesterday, the IRS launched a website for you to track your payment and to enter Direct Deposit information if the IRS doesn’t have that on file. If you choose to get a paper check, it is important to note that it could take until August to receive the stimulus funds.

You can access the IRS website by clicking here. After clicking on the “Get My Payment” button, you will be asked to provide your Social Security Number, Date of Birth, Street Address, and Zip Code. You may also be asked to input additional information from either your 2018 or 2019 tax return. Additionally, this website has instructions for taxpayers who are not required to file a tax return but are eligible for the Economic Impact Payments.