UPDATE: Additional Federal and State Tax Updates

More updates on federal and state taxes...

FEDERAL - 2ND QUARTER TAX ESTIMATES DUE DATE EXTENDED Besides the April 15 estimated tax payment previously extended, the IRS has also extended relief to estimated tax payments due June 15, 2020, to July 15, 2020, without penalty. (Click here for the link). KENTUCKY - BOTH PENALTIES AND INTEREST NOW WAIVED At the direction of Governor Beshear and SB 150, the Kentucky Department of Revenue (DOR) will adopt the income tax relief set forth in Internal Revenue Service (IRS) Notice 2020-18, which includes relief from both penalties and now interest corresponding to Kentucky income tax filings and payments now due on July 15, 2020 for individual, corporate and limited liability filers. (Click here for the link). TANGIBLE PERSONAL PROPERTY DUE DATE EXTENDED The Kentucky Business Personal Property tax return (form 62A500) filing deadline has been extended to July 15, 2020. (Click here for the link).

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Stay tuned for future updates as we closely monitor all developments to keep you informed. Sincerely,

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