On Wednesday, March 25, 2020, Governor Pritzker announced that the 2019 income tax filing and payment deadline is now extended from April 15, 2020 to July 15, 2020. This matches the Federal deadline extension we previously reported. This relief applies to all individual returns, trusts and corporations. This relief is automatic and taxpayers do not need to file any additional forms to qualify. Penalties and interest for unpaid taxes on these returns will begin to accrue on any 2019 unpaid income tax balances as of July 16, 2020.
It is important to note what Illinois has not done:
- Illinois has not extended the quarterly estimated tax payments for 2020. The first quarterly estimated tax payment remains due on April 15, 2020, and the second quarterly estimated tax payment remains due on June 15, 2020.
- Illinois has not addressed partnership and limited liability company returns that could owe replacement taxes or withholding taxes on out-of-state members. At this time, these returns and taxes remain due on April 15, 2020.
We have raised these issues with the Illinois CPA Society and the State of Illinois and will look for further guidance soon.
We will keep you posted as new developments occur. In the meantime, we will continue to work remotely to assist our clients.
Related Read: Tax Filing and Payment Deadlines
If you have questions or concerns regarding this Client Alert, please contact Mark Thomson at firstname.lastname@example.org or your ORBA advisor.