Things to Consider with the Updated Tax Filing Deadlines

Published On: March 27th, 2020Categories: Taxes

On March 25, 2020, the Illinois Department of Revenue issued official guidance extending the filing and payment deadline for 2019 Illinois income tax returns (individuals, trusts and corporations) from April 15, 2020 to July 15, 2020 to conform with the previously announced federal extended due date. Each state is issuing their own filing relief rules. If you are required to file returns in states other than Illinois, please contact us and we will be happy to assist you with any updates for other states.

One important item to note is that Illinois did not change the payment due dates for the 2020 quarterly estimated tax payments. Therefore, the first and second installments of estimated payments for 2020 taxes are still due on April 15 and June 15. The best way for us to accurately estimate how much you should be paying for any April 15 and June 15 estimated payments to Illinois is to have your 2019 tax return completed. Therefore, for those of you that have not provided your 2019 tax information, please do so as soon as possible.

Below is a summary of the income tax filing and payment due dates as they exist today for Federal and Illinois:

April 15, 2020

First installment Illinois estimated tax payment for 2020 must be paid

June 15, 2020

Second installment Federal estimated tax payment for 2020 must be paid
Second installment Illinois estimated tax payment for 2020 must be paid

July 15, 2020

2019 Federal and Illinois Income Tax Returns must be filed, and any balances due must be paid
First installment Federal estimated tax payment for 2020 must be paid

Should you have any questions about your own tax situation or if you are not able to provide us with your income tax documentation before April 15 and you believe you need to make an estimated payment to Illinois on April 15, please contact us and we will be happy to assist you.

As a small business, we would like to take this opportunity to extend our appreciation for your business as that makes our continuing operations possible. We will continue to monitor the situation and inform you of changes as more information becomes available. In the meantime, we are here to help. Please feel free to reach out with any questions.

About the Author: Shelly Spata, CPA

Shelly Spata joined the firm in 1998, and her name went on the door in 1999. She now serves as the Managing Partner of the firm. "As a business owner myself, I understand the complexities and challenges business owners face, and I strive to add value by helping clients understand their financial statements, manage tax consequences, and clearly see the financial and tax ramifications — both positive and negative — of decisions they make," she explains. "Without good financial information, it’s like driving a car blind, but with good information, clients are able to maximize profits."