Changes to Income Tax Filing Laws

On March 17th, the Federal government announced the following:

  1. A 90-day extension for all tax payments due to the IRS for individuals owing $1 million or less and corporations owing $10 million or less.
  2. Interest and penalties will be waived as well.
  3. Taxpayers will be able to request a six-month deferral for payments due. The IRS has not yet issued rules and regulations on who would be eligible and how this would work.

The SBAC is joining the American Institute for CPA’s (AICPA) in urging the following additional changes:

  1. Automatic 90-day filing extension for individuals and businesses. We want to eliminate the need to file an extension request.
  2. Payroll and excise tax relief.
  3. The Illinois Dept of Revenue has not yet announced any changes. We urge Illinois to adopt and follow all the Federal changes and to extend the filing deadline by 90-days.

As of March 20, the Federal Government announced the tax filing deadline will be extended from April 15 to July 15. Although the deadline has been extended. The Treasury Secretary is encouraging taxpayers who may have tax refunds to file so they can get their funds.