Are tax deadlines for businesses extended?
Updated: Apr 16, 2020
Federal Corporate Tax Deadline
As announced by U.S. Treasury Secretary Steven Mnuchin, the IRS is extending the April 15 filing deadline for federal tax filing by 90 days to July 15 for corporate filers as well as individual income tax payments. Corporate filers will receive an extension on up to $10 million in taxes owed, and individuals may defer up to $1 million in tax payments.
State Corporate Tax Deadline
The New Jersey Legislature has passed S-2338 extending the time to file and pay 2019 calendar year Individual Gross Income Tax, Partnership, and Corporation Business Tax originally due on April 15, 2020. The Governor has announced he will sign the legislation into law. These taxpayers will have until July 15, 2020 to file returns and make applicable tax payments, which includes 1st quarter 2020 estimated tax payments.
What has been extended to July 15, 2020?
2019 NJ 1040
2019 NJ 1041
2019 NJ CBT–100
2019 NJ CBT–100S
2019 NJ 1065
2019 NJ CBT–1065
Partnership filing fees
1st quarter 2020 estimated tax payments
What has not been extended?
Sales and Use tax returns
Payroll tax returns
2nd quarter 2020 estimated tax payments
For a complete list of returns and payments that have been extended, see the 2019 Return Due Dates maintained by the New Jersey Division of Taxation.
Payroll Tax Deferment
The recently-enacted CARES Act will allow taxpayers to defer paying the employer portion of certain payroll taxes through the end of 2020, with all 2020 deferred amounts due in two equal installments, one at the end of 2021, the other at the end of 2022. Payroll taxes that can be deferred include the employer portion of FICA taxes, the employer and employee representative portion of Railroad Retirement taxes (that are attributable to the employer FICA rate), and half of SECA tax liability.
Read the Original Article: https://faq.business.nj.gov/en/articles/3807278-are-tax-deadlines-for-businesses-extended