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Some filing deadlines have been extended as part of the New York State Tax Department’s response to the spread of novel coronavirus (COVID-19) and its effect on taxpayers. See Tax Department response to novel coronavirus (COVID-19) for resources and FAQs.
Published 6:07 PM EDT Mar 20, 2020
The Trump administration will push the income tax filing deadline to July 15 from April 15, Treasury Secretary Steven Mnuchin said Friday in a tweet.
Mnuchin said that at President Donald Trump’s direction “we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
Earlier this week, the IRS had deferred the payment deadline to July 15 but had left the April 15 filing deadline in place.
If you’re getting a refund, experts suggest still filing as soon as possible.
'For many taxpayers, this is the largest check that they’ll receive this year, so I would encourage them to file now because the IRS still expects to process tax refunds,' says Lisa Greene-Lewis, a certified public accountant at TurboTax.
How long should I keep my tax returns?: Answer: It depends
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According to the latest government data available, as of March 13, the IRS has received more than 76 million returns and has issued more than 59.2 million refunds.
The average refund check was $2,973.
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While the IRS is reportedly going to increase pressure to have states align with the new federal deadline, it is important for people to check with their local government to make sure they do not miss their obligation in their state.
'Each state might consider its own relief, but it’s best to assume you still must file and pay any states where taxes are owed by April 15, unless state guidance is issued,' Dina Pyron, financial services partner and global TaxChat leader at Ernst & Young, said in a note.
Filing Due Dates
Estimated Returns and Payments
Michigan Business Tax (MBT) and Corporate Income Tax (CIT) Quarterly Estimated Return due dates are provided below:
Filing/Payment Due Dates
Taxpayers expecting a tax liability to exceed $800 must file quarterly estimates as follows:
- Calendar Year Filers: Return and payment due April 15; July 15; October 15; and January 15.
- Fiscal Year Filers: Return and payment due the 15th day of the first month after each quarter.Computing the Estimated Tax
- Sum of estimated payments must equal at least 85% of tax liability and the amount paid approximate the quarter's liability.
- MBT tax years 2009 through 2011, taxpayer can meet a prior year safe harbor exception. If prior year's tax is $20,000 or less, the taxpayer can make 4 equal quarterly estimated tax payments that total at least 100% of prior year tax liability.
- CIT tax years 2013 through current year, taxpayer can meet a prior year safe harbor exception. If prior year's tax is $20,000 or less, the taxpayer can make 4 equal quarterly estimated tax payments that total at least 100% of prior year tax liability.
- There is no prior year safe harbor exception for 2008 MBT or 2012 CIT. Taxpayer must meet the 85% of tax liability requirement.
Annual Returns/Final Return, Extension of Time to File, Filing Threshold - Annual Returns are due the last day of the 4th month after tax year end with payment of final liability. Taxpayers (other than Insurance Companies or Financial Institutions) are not required to file or pay if apportioned gross receipts are less than $350,000.
- Filing threshold is annualized for tax year less than 12 months.
- Extension of time to file can be granted by the Department for with a timely application and payment of tax due. An extension of time to file is not an extension of time to pay.If federal extension is accepted, the Department will grant an automatic extension to the last day of the 8th month following the return due date. The taxpayer will need to provide the Department with a copy of the federal extension request and pay tax liability in full by the due date to avoid penalty & interest.
Computation of Tax for First Taxable Year Less Than 12 MonthsMay elect one of the following: - Annual method, reporting the taxpayer's full year multiplied by a ratio of the number of months in the tax year included under the MBT over 12. This option is not available for a Unitary Business Group (UBG).
- Actual method, reporting only those months included under the MBT/CIT return. A UBG must provide the actual figures on each individual UBG member form.
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