We are receiving a lot of questions about the updated dates for tax deadlines. So, in this ever changing world of pandemics, looting, and racial unrest, I thought that I would spend some time reminding all of you of the dates upon which everything is due.
Federal Income Tax Return Deadlines
The only deadlines that have changed were the ones where the returns were due on April 15th.
S-Corp’s and 1065 Partnership Returns were due on March 16th. For those of you where I put in an extension, the new due date is September 15th, 2020.
Personal Returns, C-Corps, Estates, and Trusts that were due on April 15th are now due July 15th. If an extension was filed, then the new due date is October 15th, 2020.
If you would like for us to get your returns done by July 15th, we will need your final data no later than July 1st.
If your returns were extended, the only thing that an extension does is extend the due date of the actual return. It does not extend the due date of any money that was owed. Those are two completely different things. If your return was extended and you owe money on it, you may be charged with a failure to pay penalty.
Federal Estimated Tax Deposit Deadlines
The first two quarters were extended to July 15th.
1st Quarter – July 15, 2020 (extended from April 15th)
2nd Quarter – July 15, 2020 (extended from June 15th)
3rd Quarter – September 15, 2020
4th Quarter – January 15, 2021
If your deposits are not made timely, you will be subject to an estimated tax deposit penalty. Let’s also remember that just because you make your tax deposits does not mean that you will automatically receive a refund. Things change. 2019 will probably be a lot different than 2020. If you have questions in this regard, please contact us today.
Federal Quarterly Payroll Tax Deadlines
These are often confused with the estimated tax deposit deadlines. When we talk about Payroll Taxes, we are discussing your Federal 941, 940, W-2’s and W-3. None of these deadlines have changed.
Quarterly estimated tax deposits are the deposits necessary for your personal income tax returns.
Illinois has followed the federal changes in every case except the following…
– 1065 Partnership Return Due Dates did not change at the state level. They were still due on April 15, 2020.
– Illinois did not extend the due date on payments for any extended returns. If you originally had an April 15th due date, then your payments were due April 15th rather than the extended due date of July 15th.
– Quarterly Estimated Tax Deposits for income tax were not changed. Those deposit dates are still April 15, June 15 for the first and second quarters of 2020.
Let me leave you with this one thought…
It has always interested me that Juneteenth falls so closely to Father’s Day. Especially now that we live in a country which is so divided in racial unrest. Do we have racial problems that need to be solved? Of course we do. Many want to blame the system. Like any other system, there are problems. Of that there is no question.
But somewhere, someone needs to ask where are all of the Fathers?
Why? Because once a person is in the system, it’s already too late. Once they are committing crimes, the battle has been lost. The numbers don’t lie. Children raised without a father are five times more likely to end up in prison. Five Hundred percent more likely.
No one will ever be able to replace the strong, protecting, and reassuring presence of a good father. No father is perfect. We are just human after all. But if you were lucky enough to have a dad, who was a gentle man, doing the difficult job of parenting in your life, then you are certainly the better for it.
So this Father’s Day, if your Father is still with us and is close, please put your arms around him and tell him how much you love him. Maybe pick him up this Sunday and take him to brunch. Even now it probably won’t be that hard to get a reservation. The restaurants may be full on Mother’s Day, but interestingly enough not so much on Father’s Day.
If he isn’t that close, then pick up the phone and let him know that you care. After all, we’re dads. We don’t ask for much.
If he is no longer with us, then you can honor his sacrifice by simply being the best person that you can possibly be. Somewhere, I’m sure he’s watching. Make him proud.
Be the Entrepreneur that you were born to be. A Blessed and Happy Father’s Day to all.
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Accounting Solutions Ltd.
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