Illinois State House District 79 recently issued the following announcement.
Both Federal & State Income Tax Day has been moved from April 15 this year to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalty. Taxpayers may still file at any point prior to July 15, an action which is especially encouraged if the taxpayer is due a refund to allow the taxpayer to get their money more quickly.
The Illinois Department of Revenue produced an Informational Bulletin describing the change.
The Department of Revenue (IDOR) will continue to process tax refunds for those filing ahead of the new deadline.
According to IDOR, 3.4 million Illinoisans have already filed their income taxes to date, over 72% of whom are expecting a refund this year. Last year, 6.2 million income tax returns were filed, and 88% of taxpayers filed electronically.
The fastest, most secure way to receive a refund is to file tax returns electronically and request a direct deposit into a checking or savings account. Taxpayers who have already filed a return can check the status of their return by using the Where’s My Refund? link located at www.MyTax.Illinois.Gov.
If you scheduled an electronic payment for 2019 income taxes to be paid on or before April 15, 2020, your payment will not automatically be rescheduled to July 15, 2020. If you do nothing, the payment will be made on the date you chose. If the payment has not been processed, you may be able to cancel or reschedule it. You must cancel or reschedule the payment before its scheduled date. Learn more about how to reschedule payments here.
As a result of the Income Tax Extension, a significant number of taxpayers will not be able to accurately calculate and pay their 2020 Illinois estimated income tax. Since taxpayers may not know their prior year’s tax liability if they do not file by the original due date, the Department is providing for an additional option upon which taxpayers can base their 2020 estimated tax payments. For 2020, estimated tax payments can be based upon either: 1. 100 percent of their estimated liability for the year 2020, 2. 100 percent of their actual liability for year 2019, or 3. 100 percent of their actual liability for year 2018. Learn more at: https://www2.illinois.gov/rev/research/publications/bulletins/Documents/2020/FY2020-26.pdf
Original source can be found here.
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