The Wisconsin Department of Revenue announced that more filing and payment deadline dates will conform with recently released IRS Notice 2020-23, which makes it easier for taxpayers to comply. This notice automatically moves deadlines for filings and payments due between April 1, 2020 and July 15,2020 to July 15, 2020.
Summary of the new guidance:
• Extensions for Filing Returns – Income/franchise and pass-through withholding returns due on or after April 1, 2020, and before July 15, 2020 are extended to July 15, 2020
• Extensions for Return Payments – Income/franchise and pass-through withholding tax due on or after April 1, 2020, and before July 15, 2020, will not accrue interest or penalties until July 16, 2020
• Waiver of Underpayment Interest (UPI) on Estimated Payments – UPI will not apply to income/franchise and pass-through withholding returns with a tax year ending on December 31, 2019, or returns that are due on or after April 1, 2020 and before July 15, 2020
• Extensions for Estimated Payments of Income/Franchise and Pass-Through Withholding Tax – Estimated payments due on or after April 1, 2020, and before July 15, 2020 are extended to July 15,2020. Note: 1st quarter estimated payments are generally due April 15, 2020, and 2nd quarter estimated payments are generally due June 15, 2020.
• Federal economic impact payments (stimulus payments) – Federal economic impact payments are not taxable for federal or Wisconsin income tax purposes. The IRS will not use the payment to pay federal or state tax debts but will use it to pay past due child support payments that the states have reported to the IRS (Treasury Offset Program Bulletin 2020-8).