WIDOR and IRS Update

The Treasury Department and Internal Revenue Service announced

1. That the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

  • Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief.
  • Individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868.
  • Businesses who need additional time must file Form 7004.

2. 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.

The Wisconsin Department of Revenue just today announced it has extended the due date and payment date to July 15, 2020, as well. The WDOR specifically stated:

  • Tax filers do not have to file any extension forms to be eligible for this new due date.
  • There is no limit on the amount of payment to be postponed, and there are no income exclusions.
  • This applies to individuals, trusts, estates, partnerships, associations, companies or corporations.
  • This relief is solely for income tax payments, estimated income tax payments and returns due April 15, 2020.
  • There will be no interest or penalty for the period of April 15, 2020 to July 15, 2020.
  • Interest, penalties, and underpayment interest for failure to make quarterly estimated tax payments with respect to such postponed federal income tax filings and payments will begin to accrue on July 16, 2020.