Minnesotans: New Tax Day Details

By now, everyone knows that Tax Day has been pushed back to July 15. That’s the new deadline for individual taxpayers to file 2019 returns and to pay their taxes.

Both federal and Minnesota governments gave us some more time because of the severe disruptions caused nationwide by the coronavirus disease emergency.  So, original due date, April 15, now looks like just another day in tax season for many of us.

 Here are a few details Minnesotans will appreciate about the three-month delay:

·   It’s automatic. There are no applications or extension forms required. File and pay by July 15, and you’re square with both Minnesota’s Department of Revenue and the Internal Revenue Service.

·   The longer filing time also comes with no penalties or interest from either government.

·   There is one important note for Minnesotans who use estimated tax payments. They still must make their first quarter payments for tax year 2020 by April 15. That is different than the IRS extension, which postpones those Q1 payments to July 15.

·  If you still can’t file by July 15, the normal extensions will delay the return until Oct. 15. But, as always, tax payments will be due on the new Tax Day, July 15.

Both state and federal tax agencies are urging taxpayers to file as soon as they can – especially if they expect refunds. The IRS announced that most refunds are being paid within 21 days.

 Minnesota Revenue also asks taxpayers to send in their returns and taxes as soon as possible to help fund the state’s battle against coronavirus. For more about the state’s extension, see https://www.revenue.state.mn.us/our-response-covid-19.

Of course, to discuss your personal taxes, feel free to contact Eric Buechler, owner of EricJohn Ltd. and an enrolled agent recognized by the Internal Revenue Service.