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On March 20th Treasury Secretary Steve Mnuchin announced that federal filing and payments for taxes have been extended to July 15th. It is expected that state departments of revenue will follow the Feds by extending the April 15th tax filing deadline; but, at present, this action has not been taken. Remember that this only applies to your federal taxes. Continue reading for our quick look.
This move was made in response to the existing and anticipated financial impacts of COVID-19. Treasury Secretary Mnuchin said that the move could allow households to hold onto hundreds of billions of dollars for a bit longer than they otherwise could.
Federal:
Quick Look
Filing and Payment deadlines deadline extended to July 15th
Relief Includes estimated tax payments that are due on April 15th
Penalties and interest will begin to accrue on any remaining balance as of July 16th.
Eligible taxpayers include individuals that owe $1 million or less in income tax, and certain corporations, including some small businesses, that owe $10 million or less in income tax. At this point income tax returns or extensions must still be filed by April 15.
The IRS has not yet released details of how the payment extension will work. Look for additional information once it becomes available.
Georgia:
Quick Look
Filing Deadline extended to July 15th
Payment Deadlines extended until July 15th
Georgia DOR Website Posting:
“Due to concerns regarding COVID-19, the DOR is encouraging all taxpayers to conduct their business with the DOR through online services. The DOR offers a number of motor vehicle and tax related services online, without the need of in-person interactions.”
All administrative hearings before the Georgia Office of State Administrative Hearings Judges have been cancelled for March 16 through March 31, 2020. These cancellations are for all hearing locations in every county of the State of Georgia. All hearings will be rescheduled. Statewide Judicial Emergency and order Legislature: General Assembly has suspended its session indefinitely.
South Carolina:
Quick look
Filing deadline extended until July 15th
Payment deadlines extended until July 15th
News release highlights:
The South Carolina Department of Revenue (SCDOR) is offering more time to file returns and pay taxes due April 1, 2020 – June 1, 2020 to assist taxpayers during the COVID-19 outbreak. Tax returns and payments due April 1 – June 1 will now be due June 1, 2020. Penalty and interest will not be charged if payment is made by June 1. This includes South Carolina Individual Income Taxes, Corporate Income Taxes, Sales and Use Tax, Admissions Tax, and other taxes filed and paid with the SCDOR. The SCDOR is automatically applying this tax relief for all applicable returns and payments; you don’t need to take any additional action. The SCDOR encourages taxpayers, some of whom may be working from home, to: • Use our available online services. Visit MyDORWAY, our free online tax system, at MyDORWAY.dor.sc.gov to securely manage your South Carolina taxes from a smartphone or computer. • Help protect yourself and prevent the spread of COVID-19 by calling or emailing us instead of visiting in person. Find the phone number or email address you need at dor.sc.gov/contact. • Consider filing your Individual Income Taxes electronically, which is safer and faster. Visit dor.sc.gov/iit-filing to learn more. After you file, check your refund status online at dor.sc.gov/refund. Visit IRS.gov for federal tax relief information. Visit the SCDOR’s website at dor.sc.gov/emergencies and review SCDOR Information Letter 20-3 for more information. Connect with the SCDOR on Facebook and Twitter for up-to-date news and announcements.
For updates from Georgia DOR visit https://dor.georgia.gov/
South Carolina up-to-date information concerning tax relief for persons and businesses impacted by COVID-19, visit www.dor.sc.gov.