April 15 generally is the dreaded tax day to pay your federal and state income taxes for income earned in the previous year. Because of the coronavirus pandemic, tax day has been extended by Illinois Governor J.B. Pritzker.
The Illinois Department of Revenue issued these guidelines that indicate “These extensions do not grant you an extension of time to pay any tax you owe.”
Click here to view some insights on what to do about estimated tax payments due April 15 and June 15 in Illinois.
The federal government has extended the filing deadline to July 15, 2020, the April 15 filing of federal taxes to the IRS. If you do file, only electronic returns are being processed now because offices are closed. That’s also the fastest way to get money back if you are entitled to a refund.
Here is a helpful article from Business Insider magazine that answers many questions for those who aren’t sure what to do: https://bit.ly/2Vc0W8i
Tax experts need to be consulted. It’s necessary to read the new rules carefully and make sure that you are in compliance with all of the changes. Check with your tax consultant.