Federal Corporate Tax Deadline
As announced by U.S. Treasury Secretary Steven Mnuchin, the IRS is extending the April 15 filing deadline for federal tax filing by 90 days to July 15 for corporate filers as well as individual income tax payments. Corporate filers will receive an extension on up to $10 million in taxes owed, and individuals may defer up to $1 million in tax payments.
State Corporate Tax Deadline
The New Jersey Legislature has passed S-2338, extending the time to file and pay 2019 calendar year Individual Gross Income Tax, Partnership, and Corporation Business Tax originally due on April 15, 2020. These taxpayers will have until July 15, 2020 to file returns and make applicable tax payments, which includes 1st quarter 2020 estimated tax payments.
What has been extended to July 15, 2020?
- 2019 NJ 1040
- 2019 NJ 1041
- 2019 NJ CBT–100
- 2019 NJ CBT–100S
- 2019 NJ 1065
- 2019 NJ CBT–1065
- Partnership filing fees
- 1st quarter 2020 estimated tax payments
What has not been extended?
- Sales and Use tax returns
- Payroll tax returns
- 2nd quarter 2020 estimated tax payments
For a complete list of returns and payments that have been extended, see the 2019 Return Due Dates maintained by the New Jersey Division of Taxation.
Payroll Tax Deferment
The federal CARES Act allows taxpayers to defer paying the employer portion of certain payroll taxes through the end of 2020, with all 2020 deferred amounts due in two equal installments, one at the end of 2021, the other at the end of 2022. Payroll taxes that can be deferred include the employer portion of FICA taxes, the employer and employee representative portion of Railroad Retirement taxes (that are attributable to the employer FICA rate), and half of SECA tax liability.
Updated: April 30, 2020
Source: U.S. Department of Treasury, New Jersey Governor's Office