New 2019 Tax Filing Deadlines!

The Federal & Oregon tax filing deadline is now July 15, 2020 and Idaho’s is now June 15, 2020. But when are IRA and other retirement contributions due? How about the due dates for 2020 quarterly estimated tax payments?

July 15, 2020 FEDERAL Deadline – As previously communicated, Treasury Secretary Steven Mnuchin announced on March 20, 2020 that the federal income tax filing deadline is now July 15 providing an additional 90 days to file and pay any 2019 taxes that are due.

July 15, 2020 OREGON Deadline – The Oregon Department of Revenue announced yesterday (March 25th) that the Oregon income tax filing deadline will be the same as the Federal deadline on July 15, 2020.

June 15, 2020 IDAHO Deadline – Shortly after the Federal extended deadline announcement, Idaho Governor Brad Little extended the Idaho filing deadline to June 15th, just 60 extra days instead of the 90 extra days given by the Federal Government.

From a tax preparation standpoint, this is a little frustrating. The Federal return has to be completed before the state return can be prepared (or at least they have to be prepared concurrently). The 60 day extension essentially nullifies 30 days of the Federal action.

I’ve been in contact with the Governor’s office and the Idaho Society of CPAs on this issue. The Idaho response for not matching the July 15 deadline is that the Governor’s office doesn’t have the authority to violate the Idaho constitutional requirement for a balanced budget. The fiscal year ends on June 30 and the expected tax payments are needed for a balanced budget

OTHER DEADLINES –

July 15, 2020 Retirement Contribution Deadline – Retirement contributions (ie- IRAs) payment deadlines are tied to the “filing deadline”. Since the filing deadline has been extended, you now have until July 15, 2020 to make your retirement contribution.

Federal Quarterly Estimated 2020 Tax Payments Deadline – The first quarterly estimated tax payment for next year is extended, but not the other payments.  Note that the 2nd payment will be due before the 1st payment…

  • 1st Quarterly Estimated Tax Payment Deadline of July 15, 2020
  • 2nd Quarterly Estimated Tax Payment Deadline of June 15, 2020
  • 3rd Quarterly Estimated Tax Payment Deadline of September 15, 2020
  • 4th Quarterly Estimated Tax Payment Deadline of January 15, 2021

Oregon Quarterly Estimated 2020 Tax Payments Deadline – It appears that there is no change in Oregon’s deadline for the 2020 quarterly estimated tax payment with the first quarter’s payment being due on April 15, 2020.

The compliance deadlines are suddenly dynamic and there may be further changes. We will continue to monitor things and consult with our clients to each circumstance.

We appreciate you and your business!

RICK HOWARD, CPA

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