Tax Deadlines
Due to the COVID-19 pandemic and restrictions on activity, the F ederal government as well as most states extended the time to file and/or pay various tax returns. The due dates and penalties/interest assessed vary wildly from state to state. Below is a summary of the F ederal extensions and state extensions in our region. (if you need information on another federal form or another state, then please email with your questions or concerns.)

Federal :
 
  • Due date for filing income tax returns all types of taxpayers (Form 1040, 1041 and Form 1120), is extended from April 15, 2020 to July 15, 2020.

  • Payment deadline for income taxes due on April 15, 2020 (including estimated payments for 2020) has been extended to July 15, 2020. All penalties and interest associated with late payment will be waived if tax is paid by July 15, 2020 (penalties associated with underpayment of estimated income taxes will still apply).
 
Virginia :
 
  • All filing deadlines remain the same, but VA has an automatic six month extension available to individual, pass through, and corporate taxpayers.

  • Individual and corporate income tax payments due From April 1, 2020 to June 1, 2020 will now be due on June 1, 2020. Interest will still be charged on any payment made after May 1, 2020 and late payment penalties will not be charged if payment is made by June 1st.

  • Businesses can request to defer payment of sales tax due on March 20, 2020 for 30 days. When granted, businesses will be able to file no later than April 20, 2020 with a waiver of any penalties.
 
District of Columbia :
 
  • Filing deadline for individual, fiduciary, partnership, and franchise tax returns has been extended from April 15, 2020 to July 15, 2020.

  • Payment deadline has been extended from April 15, 2020 to July 15, 2020.
 
Maryland :
 
  • Filing deadline for individuals and businesses has been extended from April 15, 2020 to July 15, 2020.

  • Payment deadline for individuals and businesses has been extended from April 15, 2020 to July 15, 2020. Penalties and interest will be waived if payment is made by July 15, 2020.

  • Sales and use tax returns and payments for sales taking place in February, March, or April of 2020 will now be due no later than June 1, 2020.

  • Withholding tax payments due for periods including February, March, and April 2020 may be submitted by June 1, 2020 without incurring penalties and interest.
 
North Carolina :
 
  • The filing deadline for Individual, corporate, and franchise returns due April 15, 2020 has been extended to July 15, 2020.

  • Payment deadline for individual, corporate, and franchise returns are also extended to July 15, 2020. Interest will still be charged on any payment made after April 15, 2020 (only penalties are waived).

  • These changes do not apply to sales and use or withholding taxes.
 
West Virginia :
 
  • West Virginia has not modified their filing or payment deadlines at this time.
 

About Shelton & Company, CPAs, P.C.

Shelton & Company, CPAs, P.C. is a CPA firm specializing in the accounting needs of construction contractors and their related companies. If you have any questions about the information provided here or for more information about our firm, please contact us at 1-800-446-2534 or visit us on the web at www.ConstructionCPAs.com