Update on Tax Due Dates

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Since we issued our last tax Alert, there have been several changes to the state and local tax return filing and payment due dates for 2020 and we want to make sure everyone is up to date. Unless noted otherwise, the rules below apply to the returns of individuals only. They do not apply to gift, estate, trust, corporate or LLC/partnership tax returns.

The due date for filing federal, New Jersey and Pennsylvania individual income tax returns is now May 17. In addition, payment of the balance due on those returns has also been extended to May 17, and there will be no penalties or interest for not having paid same by April 15. No extensions of time are required to be filed in order to obtain the benefit of these extended due dates.

However, payment of the first quarter 2021 estimated taxes is still due on or before April 15. At least one national professional association is pressuring the IRS to extend the due date for estimated taxes to May 17, so there could be a change in this regard – – but as of this writing, April 15 remains the due date for estimated taxes.

For those who file returns with the City of Philadelphia, the City has extended, until May 17, the return filing and payment due dates of the Business Income and Receipts Tax (BIRT), Net Profits Tax (NPT), Earnings Tax, and the School Income Tax (SIT).

Please reach out to your Archer contact or Tiffany Donio at 856-616-6147 or tdonio@archerlaw.com, or Gordon Moore at 856-354-3087 or gmoore@archerlaw.com with any questions you may have.

DISCLAIMER: This client advisory is for general information purposes only. It does not constitute legal or tax advice, and may not be used and relied upon as a substitute for legal or tax advice regarding a specific issue or problem. Advice should be obtained from a qualified attorney or tax practitioner licensed to practice in the jurisdiction where that advice is sought.