Governor Pritzker announced today, March 25th, that the State of Illinois income tax filing and balance due payment deadline has been extended for 2019 returns to July 15th, 2020.
However, for Illinois, 1st quarter estimates are still due on April 15th, 2020, and 2nd quarter estimates are still due on June 15th, 2020. This decision does not mirror Federal, Missouri, and a number of other states, as Federal and Missouri 1st quarter estimates are not due until July 15th, 2020.
Although the IRS, Illinois, Missouri, and others have extended SOME filing due dates, it’s important to note that you can still file your return, process payment, and/or receive your refund now, if you so wish.
If you have Illinois estimates due April 15th, 2020, we need to either prepare your 2019 return or estimate your 2020 taxable income. Penalties for underpayment of Illinois taxes can be substantial in relation to the tax due. We suggest that you still get your tax information to us as soon as possible.
Our team will continue to monitor this situation and communicate with our clients as regulatory updates are announced. Please reach out to us with any questions you may have. We are always here to help.
To read the official release from the Illinois Department of Revenue, click here.