The last weeks have brought many changes, some legislative and some executive, which are affecting our lives. McDonald Jacobs is prepared to respond to these changes. 

 

Here is an update on tax filing deadlines:

Our professionals are continuing to work remotely. They are prepared and equipped to perform necessary functions through remote desktop and cloud-based software to ensure we can maintain quality service to our clients while protecting the health and well-being of our people. We are processing returns and delivering them electronically only. If your original delivery preference was a paper copy of your tax return, we will provide this to you after the epidemic has passed. To reiterate, we are not offering any paper copies or paper processing of returns at this time. This is for the health and well-being of our employees.

IRS

Filing deadline for individuals, trusts, corporations and gift returns – 

  • Tax returns are due July 15th (instead of April 15th)  
  • No extension is needed and no 2019 payment is due before July 15th 
  • IRA contribution can be made up to July 15th

2020 Estimated Tax Payments –

  • First quarter is due July 15th
  • Second quarter due date is now July 15, 2020, extended from June 15, 2020
  • Third and fourth quarter are due as usual

Note: relief is not granted for payroll, excise, marijuana, state lodging, tobacco or other similar taxes.

Oregon

Filing deadline for individuals, trusts, Tri-Met and corporations 

  • Tax returns are due July 15th (instead of April 15th or May 15th)
  • No extension is needed and no 2019 payment is due before July 15th 
  • Note: S corporation returns, which were due on March 15th for federal and are due April 15th for Oregon are not covered by the Order. They need to have an extension filed to be granted. 

2020 Estimated Tax Payments –

  • First quarter is due April 15th (note there is no extension on this payment)
  • Second, third and fourth quarter are due as usual

City of Portland/Multnomah County Business Tax – Tax returns and payments are due July 15th (instead of April 15th or May 15th) If returns for fiscal year filers are due after May 15th, they are not automatically extended. 2020 estimated payments are not extended.

Portland Arts Tax payment and filing deadline July 15th (instead of April 15th)

Corporate Activity Tax – Registration is currently required within 30 days of Oregon commercial activity reaching $750,000.

So what’s still due on April 15th–  First quarter estimated payments for Oregon and Multnomah County/City of Portland Business Returns.