LUTZ BUSINESS INSIGHTS
updates to july 15 tax filing deadline
Governor Ricketts has followed the lead of the IRS and extended the Nebraska income tax filing and payment deadline to July 15, 2020. The Nebraska extension, like the federal extension, will be automatic and no special forms will be required. In addition, any first and second quarter federal estimated tax payments will be delayed until July 15. Nebraska first quarter estimated tax payments will also be delayed until July 15.
The IRS has also announced that the cap on the amount of tax payments that can be deferred no longer applies. Previously, the IRS announced that any amount in excess of $1 million for individuals or trusts ($10 million for C-Corporations) would still be due by April 15. This is no longer the case. As it stands today, there is no federal cap on the income tax payments that can be deferred until July 15. Interest and penalties on delayed payments will only start to accrue on July 16.
Not all states mirror the federal extension. For example, Iowa has extended its payment and filing deadline to July 31, but the estimated payment deadlines are currently unchanged. Consider reaching out if you are filing in a state other than Nebraska.
As we navigate the challenges ahead, please know that we will always keep you informed as quickly as possible. In the meantime, please see the below links for further details:
As the economy slowly reopens, remote workers are beginning to return to the office. However, before your staff return to the workplace, it’s imperative that…
Famous studies conducted by Daniel Kahneman and Amos Tversky in the late 1970s described how individuals assess potential gains relative to losses…
The interview is a critical part of almost any hiring process. It is often the first opportunity that your prospective employer has to get to know you on a personal level…
SIGN UP FOR OUR NEWSLETTERS!
We tap into the vast knowledge and experience within our organization to provide you with monthly content on topics and ideas that drive and challenge your company every day.
13616 California Street, Suite 200
Omaha, NE 68154
747 N Burlington Avenue, Suite 401
Hastings, NE 68901