Tax Filing Dates: A Comprehensive Guide for States and Individuals, Filing After the IRS Deadline
With the IRS postponing the federal tax filing date until May 17, 2023, many taxpayers are wondering how this affects their state tax filings. This article provides a comprehensive guide to understanding the impact of the federal extension on state tax deadlines and penalties.
Understanding the Federal Extension
On April 11, 2023, the Internal Revenue Service (IRS) announced that the federal tax filing deadline would be extended from April 18, 2023, to May 17, 2023. While this respite may have relieved pressure on federal taxpayers, it also leaves many questioning whether this extension applies to state-level tax filings.
State-Level Taxation
It is crucial to understand that state tax filing deadlines are independently set by each state. These deadlines do not automatically align with federal extensions. Many states have chosen to adopt the federal deadline of May 17, 2023, to offer their residents convenience. However, some states have opted for earlier or later deadlines, which may affect the filing obligations of residents.
States Changing Their Filing Deadlines
With a mix of interpretations and varying regulations, it's essential to check with your specific state tax authority to determine the correct filing deadline. Here's a breakdown of the current status of various states:
States Adopting the Federal Deadline
Alabama Arkansas Colorado Connecticut Delaware Washington D.C. Georgia Idaho Indiana Kansas Kentucky Maine Massachusetts Michigan Minnesota Missouri Montana Nebraska New Hampshire North Carolina Ohio Oregon Pennsylvania Rhode Island Tennessee Utah Vermont Virginia West Virginia WisconsinStates Extending Their Deadlines
Maryland - July 15, 2023States Maintaining Original Deadlines
California Florida Louisiana Michigan - April 17, 2023 New Jersey - June 15, 2023 New York - June 15, 2023 Maryland (General) - July 15, 2023 Pennsylvania (Installment) - June 15, 2023 Pennsylvania (Final) - April 30, 2023Penalties and Interest
The penalties and interest rates for filing federal and state taxes after the respective deadlines can be quite different. Here's a summary of key points for both IRS and state taxes:
IRS Filing Deadlines and Penalties
No penalty for receiving a refund after the federal deadline (May 17, 2023) Penalties for federal tax underpayments start accruing from April 18, 2023, if you owe tax after the extensionState Tax Filing Deadlines and Penalties
Interest on state taxes accrues from April 15, 2023, if you file after the state deadline Penalties for overdue taxes vary by state, generally starting to accrue as of the state-specific due dateConclusion
In conclusion, while the IRS has extended the federal tax filing deadline to May 17, 2023, it is paramount to verify with your state tax authorities to ensure compliance with state-specific filing requirements. By staying informed and taking proactive steps, taxpayers can minimize penalties and interest and avoid any compliance issues.