State And Local Tax (SALT) Alert

Brown EdwardsCoronavirus Latest NewsState And Local Tax (SALT) Alert
23
Mar
2020
23.03.2020

SALT ALERT

Brown Edwards wants to ensure all of our employees, clients and communities in which we serve are kept informed during these extraordinary times. I want to ensure you are informed regarding all matters involving state and local taxes.

As the Federal government continues to react to the COVID-19 pandemic and take action regarding the due date of Federal returns and tax payments, states are also reacting. For Federal purposes taxpayers will have until July 15, 2020 to file and pay their 2019 taxes, however many states are still determining how best to react to the pandemic.

The following states have announced business and individual income tax return filing extensions and/or late filing/payment penalty relief: California, Connecticut, Maryland, North Carolina, Oregon, South Carolina, and Washington. For Virginia, any income tax payments due during the period from April 1 – June 1, 2020 can now be submitted to the Department of Taxation any time on or before June 1, 2020 without penalty. Interest will continue to accrue, and filing must still be made timely.

A number of other states have indicated they will adhere to federal extension guidance on tax payments once formalized by the Internal Revenue Service.

Below is a link to the section of the AICPA Resource Center dealing with state tax filing relief. This section is regularly updated by the AICPA. Of course, Brown Edwards will also continue to update you as information becomes available.

https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf

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