States Extend Due Date for Income Tax Filings and Payments

Wisconsin

Governor Evers and Secretary Barca announced that Wisconsin law will automatically extend time and waive interest and penalties for taxpayers due to a presidentially declared disaster.

What this means:

• Tax filers do not have to file any extension forms to be eligible for this new due date.
• There is no limit on the amount of payment to be postponed, and there are no income exclusions.
• This applies to individuals, trusts, estates, partnerships, associations, companies or corporations.
• This relief is solely for income tax payments, estimated income tax payments and returns due April 15, 2020.
• There will be no interest or penalty for the period of April 15, 2020, to July 15, 2020.
• Interest, penalties, and underpayment interest for failure to make quarterly estimated tax payments with respect to such postponed federal income tax filings and payments will begin to accrue on July 16, 2020.

WI DOR Customer service phone numbers:

• Individuals: (608) 266-2486
• Businesses: (608) 266-2776

Minnesota

Governor Tim Walz has announced Minnesota will follow the Federal extension guidelines for individual tax filings and payments otherwise due on April 15, 2020. The due date has not changed for Corporation Franchise, S Corporation, Partnership or Fiduciary taxes. However, under state law:

• C corporations receive an automatic extension to file their Minnesota return to the later of Nov. 15, 2020, or the date of any federal extension to file.
• S corporations, partnerships, and fiduciaries receive an automatic extension to file their state return to the date of any federal extension to file.

Learn more about other MN business tax extensions on the Minnesota DOR website.

Contact MN DOR

Visit their website to find the right method of contact.

Federal

Coronavirus Tax Relief Update: March 20, 2020

Please let your local Hawkins Ash CPA representative know if you have any questions.

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