MADISON-- Officials with the Wisconsin Department of Revenue are giving residents more time to file their taxes due to concerns over the novel coronavirus, otherwise known as (COVID-19).
Both federal and Wisconsin income tax payment and return due dates have been automatically extended to July 15, 2020. Wisconsin law will automatically extend time and waive interest and penalties for taxpayers after the president declared a national emergency.
Here's some important things to know if you still need to file.
- Tax filers do not have to file any extension forms to be eligible for this new due date.
- There is no limit on the amount of payment to be postponed, and there are no income exclusions.
- This applies to individuals, trusts, estates, partnerships, associations, companies or corporations.
- This relief is solely for income tax payments, estimated income tax payments and returns due April 15, 2020.
- There will be no interest or penalty for the period of April 15, 2020 to July 15, 2020.
- Interest, penalties, and underpayment interest for failure to make quarterly estimated tax payments with respect to such postponed federal income tax filings and payments will begin to accrue on July 16, 2020.
"This is a time of great uncertainty for everyone. People are concerned and worried, and one thing they should not have to worry about right now is an April 15 tax deadline," said Department of Revenue Secretary Peter Barca.
Several Wisconsinites have already completed their tax return, local officials said.
"Roughly, half of all taxpayers in Wisconsin have already filed their tax returns, and most have received refunds, on average over $700," noted Department of Revenue Secretary Peter Barca. "We are still processing returns and issuing refunds and other credits that Wisconsinites rely on such as the Homestead Credit and Earned Income Tax Credit."
For more information on tax resources from the Wisconsin Department of Revenue, click here or call (608) 266-2486.
