Here’s How Things Stand Today
This is a very fluid situation with new updates being distributed frequently. At the time of this post, Saturday AM 3-21-20, this is what we know. The Federal tax return deadline has been moved from April 15, 2020 to July 15, 2020.
- There is no Federal April 15 deadline for filing your personal tax return.
- If you have a balance due, it can be paid as late as July 15 with no interest or penalty added
- First quarter estimated tax payments are due July 15; second quarter estimates are due June 15, 2020. (Updated 3/25/20)
As for state tax returns, some of them will likely follow the Federal lead; this is a state-by-state determination. North Carolina has extended the filing date to July 15, but will charge interest on taxes not paid according to the original due dates.
- The due date for filing personal returns has been pushed back to July 15, 2020. (Updated 3/25/20)
- If you have a balance due, it can be paid as late as July 15 with no penalty, but interest will apply after April 15, 2020. (Updated 3/25/20)
- First and second quarter estimated tax payments are due April 15 and June 15, 2020, respectively. (Updated 3/25/20)
What Should You Do?
First, if you are due a refund, file your return ASAP. That’s money that can certainly be put to good use. If you find your return indicates a balance due, then file by April 15 and pay the balance due to North Carolina. Otherwise, NC will add interest until the balance is paid in full. And even though you have filed your return, wait until July to remit Federal taxes. You can do so without any additional interest or penalty.
Watch for additional relief from NC. If you have filing requirements in other states, be sure to check the specific relief, if any, for that state.