Massachusetts and New York have officially extended the tax deadline date to July 15, 2020 which matches the IRS extended deadline date. Read MA DOR Announcement
Info for Individual Taxpayers:
The IRS relief provisions resulting from COVID-19 might be changing by the day but this is what we now know:
• The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Federal income taxes on April 15, 2020, are automatically extended until July 15, 2020. This relief applies to all individual returns, trusts, and corporations. This relief is automatic; taxpayers do not need to file any additional forms or call the IRS to qualify.
• If you previously filed a tax return with an auto-withdrawal date of April 15th or sooner, you can change the withdrawal date by calling the U.S. Treasury Financial Agent a 1-888-353-4537. You must call to make a payment cancellation request no later than 11:59 p.m. ET two business days prior to the scheduled payment date.
If you scheduled a payment through IRS Direct Pay, you can use your confirmation number from the payment to access the Look Up a Payment feature. You can modify or cancel a scheduled payment until two business days before the payment date. The email notification you received when you scheduled the payment will contain the confirmation number.
According to MA DOR, auto-withdrawal dates to the state of MA are locked in once a return has been accepted.
• Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16th, 2020. You will automatically avoid interest and penalties on the taxes paid by July 15th.
• Individual taxpayers who need additional time to file beyond the July 15th deadline can request a filing extension, which will give you until October 15th to file your tax return. The extension to file does not extend the payment on any unpaid balances beyond July 15th—the IRS will begin assessing late payment penalties on any unpaid balances starting July 16th.
• First quarter estimated payments no longer need to be paid in by April 15, 2020 to avoid underpayment penalties – they are now due July 15th. Second quarter 2020 estimates are still due June 15th, 2020.
• The IRS has extended the due date for prior year 2019 SEP, traditional IRA, and Roth IRA contributions to July 15th. Traditional and Roth IRA contributions for 2019 cannot be made past July 15th. With an extension filing, 2019 SEP IRA contributions, however, can be made up until October 15, 2020.
Here’s a list of Filing and Payment Deadline FAQs from the IRS:
- Massachusetts has announced that it is extending the tax deadline date to July 15, 2020 which matches the IRS extended deadline date. Read MA DOR Announcement
- NY State has extended their filing deadline to July 15. Like the IRS, NY will waive penalties and interest for late tax returns filed by July 15.
Relief for state filing and payment deadlines vary and are not always the same as the federal filing deadline. Massachusetts has stated they will follow the IRS in offering “similar relief” for taxpayers, however MA has not officially extended the deadline to pay beyond April 15th. We have called MA DOR and the rep has told us they will likely be clarifying the language soon (3.23.20).
TIP: If your balance to MA is small and you can pay in by April 15th, then that would be the most certain way to go to avoid possible late payment penalties.
Here’s a list of all the state agencies to check on tax obligations: https://www.taxadmin.org/state-tax-agencies