New deadline – updated 3/20/2020 2:57 PM
The U.S. Department of the Treasury announced this week that taxpayers may delay filing their tax returns and making any tax payments owed until July 15, 2020. Earlier this week, Treasury and IRS guidance stated that individuals may defer up to $1 million in federal income tax payments and corporations may defer up to $10 million in federal income tax payments until July 15, 2020, but such earlier announcement did not include deferring the filing deadline. Though the filing deadline has now also been pushed back, it is not yet clear whether payment of amounts in excess of $1 million/$10 million may now be deferred. It is also not clear whether the standard filing extension is 6 months after April 15 (i.e., October 15, 2020) or 6 months after July 15 (i.e., January 15, 2021). Additional guidance on these and other issues should be forthcoming. This extension currently only applies with respect to Federal income taxes. Ohio income tax payments and returns are still due April 15, 2020. However, because Ohio taxable income is generally determined with reference to Federal taxable income, it is likely Ohio will also defer the filing and payment deadlines. Ohio officials have indicated that Ohio will mirror IRS guidance as it is updated amid the COVID-19 pandemic, so taxpayers and professionals should continue to monitor updates from Ohio officials and agencies.