Post by Admin on Mar 23, 2020 6:34:09 GMT
The federal government has changed the due date to file your taxes and and tax payments due for your 2019 tax year to July 15, 2020. The IRS has not yet give guidance on IRA, HSA, and other retirement plan due dates for tax year 2019. The requirement is that contributions are due on the date that your tax payment is due, meaning July 20th 2020. However, that has not been verified yet, so either ask you plan administrator, or be prepared to make your contributions on April 15th.
That is the federal side, the state of Oregon has not decided yet whether they are going to extend their 2019 tax filing and due dates yet. It is expected they will follow the feds, the state of Oregon has this to say:
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Personal and corporate income tax
On March 18, 2020, the IRS issued a news release (Notice 2020-17) allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020 until July 15, 2020, without penalties or interest. The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020 until July 15, 2020, without penalties or interest. This guidance does not change the April 15 filing deadline.
The Oregon Department of Revenue has received several questions asking if Oregon is going to provide similar relief. Now that the department knows what the IRS is providing, we are evaluating our options and authority under the statutes to provide relief for Oregon and its taxpayers. We expect a decision to be made soon.
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If the state does not extend their filing date, the federal extension will only apply to the tax due date. The state requires you to send in a copy of your federal return, so your federal return would need to be completed by April 15 to send with your state return if the state does not give an extension also.
Below is a link to IRS.GOV giving tax payers an extension.
IRS.GOV link to tax extension
That is the federal side, the state of Oregon has not decided yet whether they are going to extend their 2019 tax filing and due dates yet. It is expected they will follow the feds, the state of Oregon has this to say:
*****************
Personal and corporate income tax
On March 18, 2020, the IRS issued a news release (Notice 2020-17) allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020 until July 15, 2020, without penalties or interest. The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020 until July 15, 2020, without penalties or interest. This guidance does not change the April 15 filing deadline.
The Oregon Department of Revenue has received several questions asking if Oregon is going to provide similar relief. Now that the department knows what the IRS is providing, we are evaluating our options and authority under the statutes to provide relief for Oregon and its taxpayers. We expect a decision to be made soon.
******************
If the state does not extend their filing date, the federal extension will only apply to the tax due date. The state requires you to send in a copy of your federal return, so your federal return would need to be completed by April 15 to send with your state return if the state does not give an extension also.
Below is a link to IRS.GOV giving tax payers an extension.
IRS.GOV link to tax extension