Coronavirus Tax Relief - Complete BreakdownThe novel coronavirus COVID-19 shocked the entire world this year, having monumental ramifications for governments and businesses on a global level. It’s a constantly developing situation with new information coming in every day— some rendering previous information obsolete.

Should you wear a face mask to protect yourself? How long do we need to shelter in place? Will there be enough hospital beds and protective gear to handle infections? Sadly, there aren’t concrete answers to many of these questions at the moment, which has led to a tremendous amount of anxiety.

To add even more fuel to the fire, worldwide shutdowns and self-quarantines have had an apocalyptic effect on the global economy. This has made many wage-earning workers, small businesses, and independent entrepreneurs even more anxious as the oncoming recession threatens to wipe out all of their hard work and leave them bankrupt.

Fortunately, there is some good news on this front. The United States government is attempting to mitigate the disastrous effects the coronavirus pandemic is having on its economy by providing citizens with Coronavirus tax relief. 

Keep reading to learn about how you can take advantage of deadline extensions, tax breaks, and stimulus programs to stay afloat during these stressful times.


Should you wear a face mask to protect yourself? How long do we need to shelter in place? Will there be enough hospital beds and protective gear to handle infections? Sadly, there aren’t concrete answers to many of these questions at the moment


New Federal and State Tax Return Deadlines

COVID Tax Relief - Tax DatesUS Treasury Secretary Stephen Mnuchin announced that the national deadline for filing federal income taxes has been pushed back from their original date — April 15 — to July 15. This gives all taxpayers an extra three months to file their federal income tax returns and make any required payments.

However, an extension on filing deadlines doesn’t necessarily mean an extension on tax payments, as Willie Nelson learned the hard way. Furthermore, there are several other taxes you may need to file from the last fiscal year, including state taxes. And what about the several additional taxes that are typically levied at small businesses and entrepreneurs; are there extensions for any of these?

To answer this question, the American Institute of Certified Public Accountants (AICPA) assembled a large document containing all the information they can find. This massive table organizes all relevant information provided by each state’s department of revenue and will be regularly updated to stay relevant. But if you don’t have the time to go over all 300+ pages, check out this table below for a handy summary:

Jump To Your State

AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of Columbia (DC)FloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyomingPuerto RicoU.S. Virgin Islands


Alabama

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate, Pass-Through)
  • 2019 Financial Institution Excise Tax (FIET)
  • 2019 Business Privilege Tax (BPT)

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate, Pass-Through)
  • 2019 Financial Institution Excise Tax (FIET)
  • 2019 Business Privilege Tax (BPT)
  • Penalties and interest on all of the above

New Deadlines

  • July 15, 2020: Personal/Corporate/Pass-Through State Income Tax, FIET, BPT
  • June 1, 2020: 2019 State sales tax and lodgings taxes

Unaffected Taxes

  • 2019 Local/municipal sales and lodging taxes

Alaska

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate, Pass-Through)
  • 2019 Financial Institution Excise Tax (FIET)
  • 2019 Business Privilege Tax (BPT)

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate, Pass-Through)
  • 2019 Financial Institution Excise Tax (FIET)
  • 2019 Business Privilege Tax (BPT)
  • Penalties and interest on all of the above

New Deadlines

  • July 15, 2020: Personal/Corporate/Pass-Through State Income Tax, FIET, BPT
  • June 1, 2020: 2019 State sales tax and lodgings taxes

Unaffected Taxes

  • 2019 Local/municipal sales and lodging taxes

Arizona

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary)

Payments Delayed

  • State Income Tax (Personal, Corporate, Fiduciary)

New Deadlines

  • July 15, 2020: Personal/Corporate/Fiduciary State Income Tax

Unaffected Taxes

  • N/A

Arkansas

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary, S-Corp, Partnerships)

Payments Delayed

  • State Income Tax (Personal, Corporate, Fiduciary, S-Corp, Partnerships)
  • Interest and penalties on all of the above

New Deadlines

  • July 15, 2020: Personal/Corporate/Fiduciary/S-Corp State Income Tax

Unaffected Taxes

  • 2019 Corporate Income Taxes
  • 2020 Estimated state tax payments for April and June
  • Any other state sales taxes

California

Statements Delayed

  • 2019 Personal  State Income Tax
  • 2019 State/Local sales taxes 
  • 2019 Corporate State Income Tax for small businesses filing less than $1 million

Payments Delayed

  • 2019 Personal State Income Tax
  • 2019 State/Local sales taxes
  • 2019 Corporate State Income Tax for small businesses filing less than $1 million
  • Penalties and Interests on late tax payments for all of the above

New Deadlines

  • July 15, 2020: Personal State Income Tax
  • July 31, 2020: State/Local sales taxes and corporate income taxes for small businesses filing less than $1 million

Unaffected Taxes

  • Business taxes greater than $1 million

Colorado

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate)

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate)
  • 2020 estimated state tax payments

New Deadlines

  • October 15, 2020: Personal/Corporate State Income Tax
  • July 15, 2020: 2020 estimated state tax payments for April/June

Unaffected Taxes

  • 2019 Withholding tax
  • Due payments related to Notice of Deficiency, Notice of Final Determination, Installment/Closing Agreements, etc.

Connecticut

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate)
  • 2019 Gift Taxes

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate)
  • 2019 Gift Taxes
  • 2019 Plastic bag fees
  • 2020 estimated tax payments

New Deadlines

  • May 31, 2020: Occupancy/sales tax returns and payments previously due in April
  • July 15, 2020: Personal/Corporate State Income Tax, Filing EITC claims

Unaffected Taxes

  • 2019 Withholding tax
  • Occupancy/State Taxes above $150,000

Delaware

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary)

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary)
  • 2020 estimated state tax payment for April

New Deadlines

  • July 15: Personal/Corporate/Fiduciary State Income Tax, 2020 estimated state tax payment for April

Unaffected Taxes

  • 2020 estimated state tax payment for June

District of Columbia (DC)

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary)
  • 2019 Partnership Tax
  • 2019 Franchise Tax

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary)
  • 2019 Partnership Tax
  • 2019 Franchise Tax

New Deadlines

  • July 15, 2020: Personal/Corporate/Fiduciary State Income Tax, Partnership Tax, Franchise Tax

Unaffected Taxes

  • 2020 estimated state tax payments

Florida

Statements Delayed

  • Tangible Personal Property (TPP) Taxes

Payments Delayed

  • Penalty fees and interest on Sales and Use Tax, Tourist Development Tax, New Tire Fees, Rental Car Surcharge, Prepaid Wireless Fee, Lead Acid Battery Fee, and Dry Cleaning Gross Receipts due in February

New Deadlines

  • April 30, 2020: State taxes previously due in March for people affected by COVID-19
  • May 15, 2020: TPP Taxes

Unaffected Taxes

  • State tax payments for people unaffected by COVID-19

Georgia

Statements Delayed

  • 2019 State Income Taxes

Payments Delayed

  • 2019 State Income Taxes
  • 2020 estimated tax payments for April

New Deadlines

  • July 15, 2020: State Income Taxes, 2020 estimated tax payments for April)
  • May 15, 2020: Vehicle registrations expired from between March and May)

Unaffected Taxes

  • 2019 State taxes for employee withholding or sales tax

Hawaii

Statements Delayed

  • 2019 State Income Tax for all affected taxpayers

Payments Delayed

  • 2019 State Income Tax for all affected taxpayers

New Deadlines

  • July 20, 2020: State Income Tax payments for all affected taxpayers
  • October 20, 2020: State Income Tax filing for all affected taxpayers

Unaffected Taxes

  • 2020 estimated state tax payments
  • 2019 Withholding Tax, Franchise Tax, Estate/Excise Tax, Transient Accommodations Tax, etc.

Idaho

Statements Delayed

  • 2019 State Income Tax for all taxpayers
  • 2020 Property Tax relief programs

Payments Delayed

  • 2019 State Income Tax for all taxpayers

New Deadlines

  • June 15, 2020: State Income Tax for all taxpayers, applications for property tax relief

Unaffected Taxes

  • N/A

Illinois

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate)
  • Sales Tax Exemption Forms

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate)
  • Penalties and interest on sales tax liabilities for bars and restaurants in March/April/May over $75,000

New Deadlines

  • May 20 through August 20: Payment for restaurants/bars sales tax liabilities previously due in March/April/May
  • July 15, 2020: Personal/Corporate State Income Tax
  • 90 days extension for applications to state sales tax exemption forms

Unaffected Taxes

  • 2019 tax filings/payments for partnerships
  • 2020 estimated tax payments due in April/June

Indiana

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate)
  • 2019 Property Taxes

Payments Delayed

  • Penalties and interest on late 2019 property taxes
  • 2020 Estimated tax payments due in April

New Deadlines

  • July 11, 2020: End of period where May property tax payment late fees are waived
  • July 15, 2020: Personal/Corporate State Income Tax, Estimated tax payments previously due in April
  • June 30: 2019 Property Taxes

Unaffected Taxes

  • 2019 Property Taxes for escrowed property

Iowa

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary, S-Corp, Partnership)
  • 2019 Franchise Tax
  • 2019 Credit Union Tax

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary, S-Corp, Partnership)
  • 2019 Franchise Tax
  • 2019 Credit Union Tax
  • Penalties and interest on late payments for all of the above

New Deadlines

  • July 31, 2020: Personal/Corporate/Fiduciary/S-Corp/Partnership State Income Tax, Franchise Tax, Credit Union Tax

Unaffected Taxes

  • 2020 estimated tax payments

Kansas

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary)
  • 2019 Privilege Tax
  • Claims for 2019 Homestead/Property Tax relief refund

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary)
  • 2019 Privilege Tax
  • 2020 Estimated Tax Payments for April
  • Penalties and interest on all of the above

New Deadlines

  • July 15, 2020: Personal/Corporate/Fiduciary State Income Tax, Privilege Tax, 2020 Estimated Tax Payments for April
  • October 15, 2020: Claims for 2019 Homestead/Property Tax relief refund

Unaffected Taxes

  • N/A

Kentucky

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary, Pass-Through, Limited Liability)

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary, Pass-Through, Limited Liability)
  • Penalties for all of the above

New Deadlines

  • July 15, 2020: Personal/Corporate/Fiduciary/Pass-Through/Limited Liability State Income Tax
  • October 15, 2020: Automatic return filing extension for Individual/Fiduciary/Pass-Through State Income Tax
  • November 15, 2020: Automatic return filing extension for C-Corp State Income Tax

Unaffected Taxes

  • Interest on deferred state income tax payments

Louisiana

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary, Franchise, Partnership)
  • February 2020 State Sales Tax

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary, Franchise, Partnership)
  • February 2020 State Sales Tax
  • Penalties and interest on all of the above
  • UET penalties for 2020 estimated tax payments in April/June

New Deadlines

  • May 20, 2020: February 2020 State Sales Tax
  • July 15, 2020: Personal/Corporate/Fiduciary/Franchise/Partnership State Income Tax
  • November 15, 2020: Extension date for Individual/Fiduciary/Partnership State Income Tax
  • December 15, 2020: Extension date for Corporate State Income Tax

Unaffected Taxes

  • 2020 Estimated tax payments

Maine

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary)

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary)

New Deadlines

  • July 15, 2020: Personal/Corporate/Fiduciary State Income Tax

Unaffected Taxes

  • State Sales Tax
  • State Payroll Tax

Maryland

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary, Pass-Through)
  • 2019 Sales and Use Tax, Admissions and Amusement Tax, Withholding Tax, Motor Carrier/Fuel Tax, Tobacco Tax, Bay restoration fees for February/March/April

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary, Pass-Through)
  • 2019 Sales and Use Tax, Admissions and Amusement Tax, Withholding Tax, Motor Carrier/Fuel Tax, Tobacco Tax, Bay restoration fees for February/March/April
  • Penalties and Interest on all of the above

New Deadlines

  • June 1, 2020: Deadline for timely filing/payment for 1st Quarter Contribution/Wage Reports for UI and 2020 estimated tax payment for April
  • June 15, 2020: Individual/Corporate/Fiduciary/Pass-Through State Income Tax, deadline for March 2020 estimated tax payments

Unaffected Taxes

  • 1st Quarter Contribution/Wage Reports for UI
  • 2020 estimated tax payment for April

Massachusetts

Statements Delayed

  • 2019 State Income Tax (Personal, Fiduciary, Partnership)
  • 2019 Sales and Use Tax for vendors under $150,000

Payments Delayed

  • 2019 State Income Tax (Personal, Fiduciary, Partnership)
  • 2019 Sales and Use Tax for vendors under $150,000
  • 2020 estimated tax payments for March/June
  • Penalties and interest for all of the above

New Deadlines

  • June 20, 2020: State and Use Tax for vendors under $150,000
  • July 15, 2020: Personal/Fiduciary/Partnership State Income Tax and manually filed extension date for Corporate State Income Tax returns

Unaffected Taxes

  • 2019 Corporate Excise Tax
  • Automatic extension for 2019 Corporate State Income Tax (must be done manually)
  • State and Use tax for vendors over $150,000

Michigan

Statements Delayed

  • 2019 State/City Income Tax Returns (Personal/Corporate)

Payments Delayed

  • 2019 State/City Income Tax Returns (Personal/Corporate)
  • 2020 estimated tax payments for April
  • Penalties and interest on all of the above

New Deadlines

  • April 20, 2020: extension date for Small Business Sales/Use/Withholdings Tax payments
  • July 15, 2020: Personal State Income Tax Returns and 2020 estimated tax payments for April/June
  • July 31, 2020: Corporate State Income Tax Returns

Unaffected Taxes

  • Michigan Business Tax payments

Minnesota

Statements Delayed

  • 2019 State Income Tax (Personal)

Payments Delayed

  • 2019 State Income Tax (Personal)
  • 2019 Sales and Use Taxes for eligible businesses
  • Penalties and interest on all of the above

New Deadlines

  • July 15, 2020: Personal State Income Tax
  • 30-day extension for 2019 Sales and Use Taxes for eligible businesses
  • 7 month automatic extension for filing Corporate/Partnership/Fiduciary/S-Corp/Pass-Through State Income Tax

Unaffected Taxes

  • 2020 estimated tax payments for April
  • Payment for 2019 Corporate/Partnership/Fiduciary/S-Corp/Pass-Through State Income Tax

Mississippi

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate)
  • Withholding Tax

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate)
  • 2020 estimated tax payment for April
  • Penalties and interest on all of the above

New Deadlines

  • May 15, 2020: Personal/Corporate State Income Tax, Withholding Tax, and estimated tax payments for April

Unaffected Taxes

  • Property Taxes

Missouri

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary)
  • 2019 Earnings Tax (St. Louis, Kansas City)

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary)
  • 2019 Earnings Tax (St. Louis, Kansas City)
  • Penalties and interest on all of the above

New Deadlines

  • July 15, 2020: Personal/Corporate/Fiduciary State Income Tax and Earnings Tax for St. Louis/Kentucky

Unaffected Taxes

  • 2020 estimated tax payments

Montana

Statements Delayed

  • 2019 State Income Tax (Personal)

Payments Delayed

  • 2019 State Income Tax (Personal) and penalties/interest
  • 2020 estimated tax payments for April

New Deadlines

  • July 15, 2020: Personal State Income Tax and estimated tax payments for April

Unaffected Taxes

  • 2019 State Income Tax (Corporate)
  • 2020 estimated tax payments for June

Nebraska

Statements Delayed

  • 2019 State Income Tax (all taxpayers)

Payments Delayed

  • 2019 State Income Tax (all taxpayers)
  • 2020 estimated tax payments for April

New Deadlines

  • July 15, 2020: State Income Taxes and 2020 estimated tax payments for April

Unaffected Taxes

  • 2020 Estimated tax payments for June

Nevada

Statements Delayed

  • N/A

Payments Delayed

  • N/A

New Deadlines

  • N/A

Unaffected Taxes

  • N/A

New Hampshire

Statements Delayed

  • 2019 Business Profits Tax/Business Enterprise Tax under $50,000, Interest & Dividends Tax under $10,000

Payments Delayed

  • Business Tax under $50,000, Interest & Dividends Tax under $10,000
  • Penalties for 2020 estimated tax payments in April/June

New Deadlines

  • June 15, 2020: Payment for Business Tax/Interest & Dividends Tax
  • November 15, 2020: Filing for Business Tax/Interest & Dividends Tax

Unaffected Taxes

  • State Income Tax

New Jersey

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate)

Payments Delayed

  • 2019 State Income Tax (Personal/Corporate)

New Deadlines

  • July 15, 2020: Personal/Corporate Income Tax
  • September 30, 2020: End of the current fiscal year

Unaffected Taxes

  • 2020 estimated tax payments

New Mexico

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary)

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary)
  • 2020 estimated tax payments for April/June
  • Withholding Tax
  • Penalties on all of the above

New Deadlines

  • July 15: Personal/Corporate/Fiduciary State Income Tax and 2020 estimated tax payments for April/June
  • July 25, 2020: Withholding Tax

Unaffected Taxes

  • Interest on late payments for Withholding Tax

New York

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary)

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary)
  • 2020 estimated tax payments for April
  • Penalties and interest on all of the above

New Deadlines

  • July 15, 2020: Personal/Corporate/Fiduciary State Income Tax and 2020 estimated tax payments for April
  • October 15, 2020: Automatic extension for Personal/Corporate State Income Tax
  • September 30: Automatic extension for Fiduciary State Income Tax

Unaffected Taxes

  • 2020 estimated tax payments for June
  • Interest on late payment for 2019 Business and Excise Tax

North Carolina

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary, Partnership)

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary, Partnership)
  • Penalties on all of the above

New Deadlines

  • July 15, 2020: Personal/Corporate/Fiduciary/Partnership State Income Tax

Unaffected Taxes

  • Interest on any late payments

North Dakota

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary, S-Corp, Partnership)

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary, S-Corp, Partnership)
  • 2020 estimated tax payments for April
  • Penalties and interest on all of the above

New Deadlines

  • July 15, 2020: Personal/Corporate/Fiduciary/S-Corp/Partnership State Income Tax and 2020 estimated tax payments for April

Unaffected Taxes

  • N/A

Ohio

Statements Delayed

  • 2019 State Income Tax (Personal, select Corporate, Fiduciary, Pass-Through, School)

Payments Delayed

  • 2019 State Income Tax (Personal, select Corporate, Fiduciary, Pass-Through, School)
  • 2020 estimated tax payments for April
  • Penalties and interest for all of the above

New Deadlines

  • July 15, 2020: Personal/Corporate/Fiduciary/Pass-Through/School State Income Tax and 2020 estimated tax payments for April

Unaffected Taxes

  • 2020 estimated tax payments in June

Oklahoma

Statements Delayed

  • 2019 State Income Tax (all)

Payments Delayed

  • 2019 State Income Tax (all)
  • 2020 estimated tax payments for April
  • Penalties and Interest for all of the above

New Deadlines

  • July 15, 2020: State Income Tax and 2020 estimated tax payment for April

Unaffected Taxes

  • 2020 estimated tax payment for June

Oregon

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate)

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate) and penalties and interest

New Deadlines

  • July 15, 2020: Corporate/Business State Income Tax

Unaffected Taxes

  • 2020 estimated tax payments

Pennsylvania

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary, Partnership, S-Corp)

Payments Delayed

  • 2019 State Income Tax (Personal, Fiduciary, Partnership, S-Corp)
  • 2020 estimated tax payments for April/June
  • Penalties and interest on all of the above

New Deadlines

  • July 15, 2020: Personal/Fiduciary/Partnership/S-Corp State Income Tax and 2020 estimated tax payments for April/June
  • August 14, 2020: Corporate State Income Tax

Unaffected Taxes

  • N/A

Rhode Island

Statements Delayed

  • 2019 State Income Tax (Personal, C Corp, Fiduciary)

Payments Delayed

  • 2019 State Income Tax (Personal, C Corp, Fiduciary)
  • 2020 estimated tax payments for April
  • Penalties and interest for all of the above

New Deadlines

  • July 15, 2020: Personal/C-Corp/Fiduciary State Income Tax and 2020 estimated tax payments for April

Unaffected Taxes

  • 2020 estimated tax payments for June

South Carolina

Statements Delayed

  • 2019 State Income Tax (Personal, C Corp, Fiduciary)
  • 2019 Sales and Use Tax
  • 2019 Admissions Tax

Payments Delayed

  • 2019 State Income Tax (Personal, C Corp, Fiduciary)
  • 2019 Sales and Use Tax
  • 2019 Admissions Tax
  • 2020 estimated tax payments for April
  • Penalties and interest for all of the above

New Deadlines

  • June 1, 2020: Sales and Use/Admissions Tax
  • July 15, 2020: Personal/C-Corp/Fiduciary State Income Tax
  • October 15, 2020: Automatic extension date

Unaffected Taxes

  • 2020 estimated tax payments for June

South Dakota

Statements Delayed

  • N/A

Payments Delayed

  • N/A

New Deadlines

  • N/A

Unaffected Taxes

  • N/A

Tennessee

Statements Delayed

  • 2019 State Income Tax (All)
  • 2019 Excise Tax

Payments Delayed

  • 2019 State Income Tax (All)
  • 2019 Excise Tax
  • Penalties and interest on all of the above

New Deadlines

  • July 15, 2020: State Income Tax and Excise Tax

Unaffected Taxes

  • 2020 estimated tax payments

Texas

Statements Delayed

  • 2019 State Franchise Tax

Payments Delayed

  • 2019 State Franchise Tax and penalties and interest

New Deadlines

  • July 15, 2020: Franchise Tax

Unaffected Taxes

  • N/A

Utah

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate, Pass-Through)

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate, Pass-Through) and penalties and interest

New Deadlines

  • July 15, 2020: Personal/Corporate/Pass-Through State Income Tax

Unaffected Taxes

  • 2020 estimated tax payments

Vermont

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary)
  • 2019 Homestead Declaration and Property Tax

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary)
  • 2019 Homestead Declaration and Property Tax
  • 2020 estimated tax payments for April
  • Penalties and interest for all of the above

New Deadlines

  • July 15, 2020: Personal/Corporate/Fiduciary State Income Tax, Homestead Declaration and Property Tax, and 2020 estimated tax payments for April

Unaffected Taxes

  • 2020 estimated tax payments for June

Virginia

Statements Delayed

  • N/A

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary)
  • 2020 estimated tax payments for April

New Deadlines

  • June 1, 2020: Payment for Personal/Corporate/Fiduciary State Income Tax and 2020 estimated tax payments for April

Unaffected Taxes

  • Filing for 2019 State Income Tax (Personal, Corporate, Fiduciary)
  • 2020 estimated tax payment for June

Washington

Statements Delayed

  • N/A

Payments Delayed

  • Quarter 1/Annual State Tax Returns and penalties and interest

New Deadlines

  • June 30, 2020: Filing for Quarter 1 State Tax Returns
  • July 15, 2020: Filing for Annual State Tax Returns

Unaffected Taxes

  • N/A

West Virginia

Statements Delayed

  • 2019 State Income Tax (all)
  • 2019 State Property Tax

Payments Delayed

  • 2019 State Income Tax (all)
  • 2019 State Property Tax
  • Penalties and interest on all of the above

New Deadlines

  • May 1, 2020: State Property Tax
  • July 15, 2020: State Income Tax

Unaffected Taxes

  • N/A

Wisconsin

Statements Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary)

Payments Delayed

  • 2019 State Income Tax (Personal, Corporate, Fiduciary)
  • 2020 estimated tax payments for April
  • Penalties and interest for all of the above

New Deadlines

  • July 15, 2020: Personal/Corporate/Fiduciary State Income Tax and 2020 estimated tax payments for April

Unaffected Taxes

  • 2020 estimated tax payments for June

Wyoming

Statements Delayed

  • N/A

Payments Delayed

  • N/A

New Deadlines

  • N/A

Unaffected Taxes

  • N/A

Puerto Rico

Statements Delayed

  • 2019 State Income Tax
  • Monthly State Sales and Use Tax for February, March, April, and May

Payments Delayed

  • 2019 State Income Tax
  • Monthly State Sales and Use Tax for February, March, April, and May
  • Penalties and interest on all of the above

New Deadlines

  • April 15, 2020: 2020 Estimated tax payments previously due in March
  • April 20, 2020: State Sales and Use Tax previously due in February
  • May 20, 2020: State Sales and Use Tax previously due in March
  • June 15, 2020: State Income Tax Returns previously due in March
  • June 22, 2020: State Sales and Use Tax previously due in April
  • July 15, 2020: State Income Tax Returns previously due in April/May
  • July 20, 2020: State Sales and Use Tax previously due in May

Unaffected Taxes

  • N/A

US Virgin Islands

Statements Delayed

  • 2019 State Income Tax Returns (All)

Payments Delayed

  • 2019 State Income Tax Returns (All) and penalties and interest

New Deadlines

  • July 15, 2020: State Income Tax

Unaffected Taxes

  • 2019 Local Tax Returns

Coronavirus Tax Credits

In order to limit the spread of COVID-19 to manageable levels, many US citizens are encouraged to take time off or work from home. Unfortunately, this has caused many employers a great deal of difficulty, with some struggling to adapt their current business model to remote work. Sadly, this has led to thousands of workers being furloughed without pay and many others being laid off, with researchers predicting that even higher unemployment rates are around the corner. 

Can anything be done to improve this dire situation? Is there a way to keep U.S. citizens safe from infection while also protecting their employment status? This is the challenge currently being faced by the American government, and their current response is to implement Coronavirus tax credits to affected businesses and individuals.


Is there a way to keep U.S. citizens safe from infection while also protecting their employment status? This is the challenge currently being faced by the American government


Families First Coronavirus Tax Relief

One strategy currently being employed by the Department of Labor is the Families First Coronavirus Response Act, which requires up to 80 hours of paid sick leave and additional medical or family leave to employees “for specified reasons related to COVID-19.”

Unfortunately, many businesses are going to have a tough time affording to pay their workers without money coming into their temporarily shuttered businesses. Therefore, the IRS has provided several associated tax credits in order to make this easier for employers and the self-employed. This includes fully refundable tax credits on the following:

  • Up to 80 hours of required paid sick leave at the employee’s normal pay rate
  • Paid family leave of up to $200 per day for a total of $10,000 over a period of up to 10 weeks
  • The employer’s entire share of Medicare taxes paid for any leave between April 1 and December 31, 2020

Employee Retention Credit

In order to incentivize businesses to continue paying their workers during the quarantine, an Employee Retention Credit has also been made available. According to the IRS, this credit can be claimed by non-government businesses of any size — even tax-exempt ones — so long as they’re not taking small business loans. Under this credit, these businesses can refund 50% of wages paid to their employees up to $10,000 in value.

That being said, there are some additional qualifications:

  • First, the business must be “fully or partially suspended by government order” due to the virus.
  • Second, the gross receipts for the refundable period must be below 50% of what they were during the same period last year.

Coronavirus Aid and Stimulus

Although the above-mentioned tax credits can be beneficial to some businesses and allow them to keep their employees, there will still be a tragically large number of people out of work for an indeterminate period of time. Because of this, the U.S. government has also started implementing several additional Coronavirus aid programs to provide economic stimulus for struggling citizens. Here are some of the resources that are currently available:

The CARES Act

On March 27th, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act. This legal bill was a bipartisan effort to supply American citizens with economic relief during the ongoing COVID-19 crisis. Among other things, the most notable action this bill takes is sending direct cash payments to certain individuals. According to the bill itself, here’s the qualifying criteria to receive a stimulus check:

  • You are a citizen of the United States or a resident alien with a Green Card
  • You have filed a tax return for 2019 and/or 2018
  • You have at least $2,500 of qualifying income or adjusted gross income higher than the standard deduction
  • You have less than $99,000 reported in annual income

If you fulfill these criteria, you will receive a check either in the mail or via direct deposit. The amount you receive starts at $1,200 per adult ($2,400 when filing jointly) and $500 for each child in your care, provided that you’ve reported less than $75,000 in annual income ($150,000 if filing jointly). Reported income that’s higher than $75,000 per person will still receive a check; however, it’ll be for a lower amount based on how much higher your income is and will zero out at $99,000.

The best way to ensure that you receive your stimulus check as quickly as possible is to file your 2019 return and provide direct deposit information to the IRS for your tax refund. If you’ve already provided direct deposit info to the IRS on your return for the last tax year, you’re still likely to receive your stimulus payment soon— but filing for this year will have the highest likelihood of speeding up your payment.


The best way to ensure that you receive your stimulus check as quickly as possible is to file your 2019 return and provide direct deposit information to the IRS for your tax refund


SBA Loans For COVID-19

Obviously, a one-time check for $1,200 in the face of a global recession is going to offer you about as much protection as an umbrella during a Category 5 hurricane. This is especially true if you’re a small business owner, independent contractor, or self-employed. Fortunately, the CARES Act has an additional method of providing economic relief to these individuals with the aid of the U.S. Small Business Administration (SBA).

If you’re self-employed or run a small business, the SBA’s website has a page with comprehensive information that can help you manage this crisis. Among other resources, this organization is currently offering a range of loans and funding programs that can help you maintain payroll for employees, receive immediate cash advances, and relieve debts you’ve already accrued. Here are some of the programs currently available:

  • Paycheck Protection Program (PPP): This program offers businesses with under 500 employees the ability to take out a loan from an SBA-backed financial institution in order to cover their payroll costs. The maximum amount you can borrow is $10 million and the maximum interest rate is 4%. If you qualify for the loan and use the majority of it on payroll expenses over eight weeks, the loan is forgivable. Check the SBA’s website to apply.
  • Economic Injury Disaster Loan (EIDL): This program is also available to businesses with under 500 employees, just like the PPP. The EIDL is a long-term loan for up to $2 million with an interest rate of 2.75% for non-profit organizations and 3.75% for small businesses. However, it also offers an instant cash advance of $1,000 per employee with a maximum of $10,000 for handling immediate expenses. You can apply for the EIDL and the advance on the SBA website, and the advance is forgivable even if you don’t qualify.
  • Express Bridge Loan Pilot Program: If your small business already has a relationship with the SBA — such as taking out a loan in the past — you can take advantage of this program to receive expedited approval on loans. Any businesses in contact with an SBA Express Lender can receive up to $25,000 from the EIDL program quickly. Check the SBA website for more details.
  • Debt Relief: Finally, some small businesses who are currently paying off debt from previous loans can receive assistance from the SBA. According to their website, this assistance can take the form of automatic deferments on payments through the end of the year and can even “automatically pay off the principal, interest, and fees” on new and current microloans.

It’s not clear at the time of writing whether you can receive both the PPP and the EIDL. However, if you’re interested in applying for either program, it’s a good idea to do so as soon as possible. There’s a current cap of $349 billion in available funds to borrow through the PPP and a great deal of uncertainty around approvals.

COVID-19 Stimulus


Obviously, a one-time check for $1,200 in the face of a global recession is going to offer you about as much protection as an umbrella during a Category 5 hurricane


Social Security Recipients During Coronavirus

If you’re an American citizen currently receiving Social Security payments, you will continue to receive these payments via mail or direct deposit. Additionally, the SSA website mentions that you will still be eligible to receive a stimulus check through the CARES Act without needing to file a tax return for 2018 or 2019.

Retirement and 401k Rules in The CARES Act

AARP released an article with important information on how the stimulus package will affect the retirement plans of U.S. citizens. Under the CARES Act, any individual with a required minimum distribution (RMD) for their retirement plan won’t need to make their RMD in 2020. Additionally, several fees are being waived on taking early payments on your retirement plans, including 401k’s and IRA’s. This means you can take out some money from these accounts in order to stay afloat during these difficult times.


Several fees are being waived on taking early payments on your retirement plans, including 401k’s and IRA’s. This means you can take out some money from these accounts in order to stay afloat during these difficult times


CARES Unemployment Benefits

Finally, the CARES act provides additional benefits and tweaks to unemployment programs. This is to provide much-needed assistance for workers who have been let go due to COVID-19. According to the Tax Foundation, individuals who wouldn’t ordinarily qualify for receiving these benefits are now able to, including independent contractors and the self-employed. Additionally, all recipients of unemployment compensation will receive an additional $600 per payment and receive payments for an additional 13 weeks.


Finally, the CARES act provides additional benefits and tweaks to unemployment programs. This is to provide much-needed assistance for workers who have been let go due to COVID-19


Bottom Line

As previously mentioned, the situation around COVID-19 is constantly changing and new developments are constant. Because of this, it’s important that you remain up-to-date on the latest press releases from the White House, the CDC, and the IRS. But above all else, the most important thing you can do to ensure your future is to stay safe and healthy.

Kenneth W. Boyd is a former Certified Public Accountant (CPA) and the author of several of the popular "For Dummies" books published by John Wiley & Sons including 'CPA Exam for Dummies' and 'Cost Accounting for Dummies'.

Ken has gained a wealth of business experience through his previous employment as a CPA, Auditor, Tax Preparer and College Professor. Today, Ken continues to use those finely tuned skills to educate students as a professional writer and teacher.