The Secretary of the Treasury has provided relief to any person with a federal income tax payment or a federal income tax return due on April 15, 2020. A person includes an individual, a trust, estate, partnership, association, company or corporation. The due date for filing and for paying the tax is automatically postponed to July 15, 2020. A federal extension does not have to be filed. There is no limitation on the amount of payment that can be postponed.
The relief applies only to federal income tax payments including self-employment taxes due for on April 15, 2020 for the 2019 taxable year and federal estimated income tax payments including payments of self-employment tax due April 15 2020 for the 2020 taxable year.
Penalties and interest will not be assessed through July 15, 2020 but will be assessed starting July 16, 2020.
Employment taxes and other types of taxes due on April 15, 2020 are still due April 15, 2020.
The Governor or Rhode Island has announced that Rhode Island will follow the federal extensions.
At this time, neither the Massachusetts Governor or the Massachusetts Department of Revenue has not made a formal announcement regarding the April 15, 2020 due date.
We will continue to keep up updated as more information becomes available you. In the meantime, you can contact us at 401-831-0200.
Please contact our office if you have questions.