Reprinted with permission from GWAAR Legal Services
Both federal and Wisconsin income tax filing and payment due dates have been automatically extended to July 15, 2020. This is because of the President’s declaration of a national emergency due to the COVID-19 pandemic. Taxpayers do not need to file any additional forms to qualify for this tax filing and payment relief. Payment can be deferred until July 15, 2020, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other associations, as well as those who pay self-employment tax.
The Internal Revenue Service (IRS) encourages taxpayers who are owed a refund to file as soon as possible. Federal tax refunds are still being issued within 21 days. In addition, the Wisconsin Department of Revenue (DOR) is still processing returns and issuing refunds and other credits, including the Homestead Credit and the Earned Income Tax Credit.
The IRS encourages anyone who hasn’t filed a tax return for 2019, 2018, or a previous year to act now. Congress recently passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which includes certain tax credits and rebates for those who filed a return for 2019 and/or 2018. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019. This includes individuals who receive Social Security Retirement or Social Security Disability Insurance benefits and railroad retirees who are not otherwise required to file a tax return. People who receive only Supplemental Security Income or certain VA benefits and who have not filed taxes for 2019 or 2018 because their income is very low may need to complete a form in order to receive a stimulus check. More information will be forthcoming.
In addition, people who have not filed federal tax returns for Tax Year 2016 and are owed a refund still face an April 15, 2020, deadline to file their return. This deadline has not been extended. Current law requires the 2016 return to be filed by April 15, 2020.
The IRS will continue to monitor issues related to the COVID-19 virus, and updated information will be posted at: https://www.irs.gov/coronavirus.
The DOR will post updates related to the COVID-19 virus at: https://www.revenue.wi.gov/Pages/News/2020/wi-covid-19.aspx.
