What about Federal and State Taxes?

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The federal tax return filing deadline is now July 15, 2020. For tax payments of up to $10 million, the IRS has also extended the deadline for both individuals and businesses to July 15, 2020. Estimated tax payments for 2020 originally due on April 15 will now be due on July 15.

  • Businesses impacted by COVID-19 can also request to defer the payment of state sales tax due tomorrow, March 20, 2020 for 30 days.
  • When granted, businesses will be able to file no later than April 20, 2020 with a waiver of any penalties.
  • The Virginia Department of Taxation is extending the due date of payment of Virginia individuals and corporate income taxes. While filing deadlines remain the same, the due date for individual and corporate income tax will now be June 1, 2020.
  • Please note that interest will still accrue, so taxpayers who are able to pay by the original deadlines should do so.

Still have questions?  Request advising here.

Virginia SBDC