Georgia Expands Income Tax Relief to Corporate and Other Fiscal-year Filers

April 24, 2020

As we previously noted, the Georgia Department of Revenue extended the 2019 income tax filing and payment deadline as well as the 2020 estimated income tax payment deadline from April 15, 2020, to July 15, 2020, with no penalties or interest due on returns or payments filed or made by that date.

Georgia recently expanded this relief to include any income tax return and payment due after April 15, 2020, and before July 15, 2020. These income tax returns are all now due on July 15, 2020. This extension adds additional corporate filers, as well as other fiscal-year income tax filers, to the relief previously announced.

Also extended to July 15, 2020, are the 2020 estimated income tax payments originally due on June 15, 2020, as well as any other estimated income tax payment due after April 15, 2020, and before July 15, 2020. Additionally, the statute of limitations to file a refund claim for a previous tax year has been extended to July 15, 2020, for refund claims that would have expired from April 15, 2020, and before July 15, 2020.

Just like the deadline extension previously announced, taxpayers are automatically eligible for this relief and do not need to file any additional paperwork. No extension has been provided for the filing, payment, or deposit of any other type of state tax (including employee withholding and sales tax) or for the filing of any state information returns.

This is still evolving news. There may be more developments, and we will keep you updated as they are released. Should you have any questions, please do not hesitate to contact your tax professional team members.

There are distinct advantages to starting your tax return preparation process now if you have not already done so, including the acceleration of any current-year refunds you may be due. Furthermore, recently enacted legislation has created significant tax planning opportunities to amend prior year returns for additional refunds as well as reduce current-year taxes. Most of these tax planning opportunities require significant analysis and many require separate studies. We strongly encourage you to start now.

Note that you can still file your return now but postpone the payment of taxes until July 15.

Cherry Bekaert remains committed to providing you a superior client experience. We continue to work hard and creatively to meet your tax return needs and encourage you to submit your tax information to us as early as you can. Filing now allows you to accelerate refunds, if applicable, and at a minimum provides you important cash flow planning information.

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