Extended Due Date for Second Quarter Estimates as well as Other Extended Dates

The Internal Revenue Service has recently expanded its guidance to provide that income tax returns and 2020 estimated tax payments due on or after April 1, 2020 and before July 15, 2020 are now extended to July 15, 2020. Wisconsin is doing the same to provide taxpayers more relief during this COVID-19 pandemic.  With this new guidance the first and second quarter 2020 estimated tax payments have now been postponed to July 15, 2020 for both Federal and Wisconsin. As a result of the postponement,  no interest or penalties on underpayment of 2020 taxes will begin accruing until July 15, 2020.

The Department of Revenue has also issued a series of FAQs on it’s website at https://www.revenue.wi.gov/Pages/TaxPro/2020/TaxDeadlinesExtendedCOVID.pdf.

Also extended to July 15th are the deadlines for making contributions to IRA accounts and health savings accounts. This means that taxpayers now have until the July 15, 2020 to contribute and receive a deduction on their 2019 tax returns. The Department of Revenue has not however changed the due date for making contributions to Wisconsin college savings accounts which is still April 15, 2020.

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