Minnesota’s tax collector is just fine with adding about a month to the tax filing season, now underway. The state Department of Revenue announced Friday that it is extending the due date for filing tax returns and paying any taxes until May 17.
The new grace period tracks with last week’s decision by the Internal Revenue Service to accept federal returns for another four weeks, until May 17, before charging any penalties for late filings. They had been due by the normal deadline, April 15.
The IRS cited effects of the coronavirus epidemic on taxpayers in pushing back the date. So did Minnesota Gov. Tim Walz in a news release.
The Minnesota extension applies to income tax returns and payments for 2020, but it does not cover estimated tax payments for the 2021 tax year. The action was not surprising, because the state tax return draws on figures in the federal return.
Both Minnesota Revenue and the IRS still urge taxpayers to file as soon as possible. But, if a little extra time makes things easier, it’s now officially OK and penalty-free.
For expert advice and tax preparation, feel free to contact Eric Buechler, an enrolled agent and owner of tax service EricJohn Ltd.