Federal Taxes

The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

State Taxes

The Department of Revenue today announced the deadline for taxpayers to file their 2019 Pennsylvania personal income tax returns is extended to July 15, 2020. This means taxpayers will have an additional 90 days to file from the original deadline of April 15.

The Department of Revenue will also waive penalties and interest on 2019 personal income tax payments through the new deadline of July 15, 2020. This extension applies to both final 2019 tax returns and payments, and estimated payments for the first and second quarters of 2020.

Philadelphia Taxes

The Department of Revenue will honor the federal extensions granted to businesses from the IRS for filing and payments until July 15, 2020 for the Business Income and Receipts Tax and the Net Profits Tax. This policy includes estimated payments.

The bill provides for direct payments to Americans, giving individuals who make up to $75,000 a year checks for $1,200, couples making up to $150,000 payments of $2,400, and an additional $500 per child. The payments decrease for those making more than $75,000, with an income cap of $99,000 per individual or $198,000 for couples.

2019 Tax Return data will be used if a 2019 tax return is not filed then the 2018 tax return information will be utilized.

Please see the link below for specific information:
https://www.nytimes.com/article/coronavirus-stimulus-package-questions-answers.html

View the table below to see due dates for estimated taxes. If you are experiencing any tax issues, please contact us and talk to one of our tax experts today.

View the tables below and use our helpful tax tips and links to gather the proper information for your tax needs. If you are seeking professional tax services, please contact us and speak to one of our experts today.