Changes Due to COVID-19
THE FEDERAL FILING DEADLINE IS EXTENDED TO JULY 15, 2020
Notice 2020-18 was issued on March 21, 2020 and officially changed the income tax filing due date to July 15, 2020 for returns originally due on April 15, 2020.. There will be no interest or penalty calculated for failing to pay any Federal tax postponed by this notice. This means a balance due on a Form 1040 or Form 1120 does not need to be paid until July 15, 2020. In addition, the first estimated tax payment (for those who do so) related to Federal taxes for the 2020 calendar year are not due until July 15, 2020. At this time the second estimated tax payment is still due by June 15, 2020.
IRA, Roth IRA and Health Savings Account (HSA) contributions may be made through July 15, 2020 and applied to the 2019 tax year.
IOWA FILING GUIDANCE
Iowa has extended essentially all individual and corporate income tax filing and payment due dates to July 31, 2020. This does not apply to estimated tax payments for the 2020 year. Those payments are still required to be paid by April 30, 2020.
MINNESOTA FILING GUIDANCE
Minnesota will accept individual income tax returns through July 15, 2020, without assessing penalties or interest. This does not apply to estimated tax payments for the 2020 year. The first estimate for 2020 is still required to be paid by April 15, 2020.
If you are laid off due to COVID-19, or have to stay home to self-isolate, care for family members or due to illness related to COVID-19, you may be eligible to receive unemployment benefits. Requirements vary between each state.
If approved, Iowa claimants can expect to receive payment within 7-10 days after the date the claim is filed. Claims that are filed and identified as a direct or indirect result of COVID-19, will not be charged to employers. Fact finding interviews for these claims will be waived and not be held although employers will be notified of claims received. Iowa Questions
Minnesota has also made COVID-19 impacted employees immediately eligible. Any charges to an employer's account as a result of COVID-19 will not be used in computing your future UI tax rate. Employee Questions or Employer Questions
South Dakota claimants will not be paid for their first week. Claims will negatively impact an employer's rate. SD Questions