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Normally, April 15th is a day that looms over our heads as we rush to file our taxes. Like many other recent changes to our normal world, the Federal Government has pushed back the filing requirement from April 15th to July 15th. This applies to: 

  • Individuals 
  • Trusts 
  • Estates 
  • Corporations 
  • Non-corporations 
  • Americans who live abroad 

In addition to the change in filing date, you can still file an extension using Form 4868 for individuals and Form 7004 for Businesses. This extension will give you until October 15th, 2020 to file. While these changes apply at the federal level, it’s important to check with your local government on how they are handling tax season. 

States & Municipalities:

While most states have adopted similar extensions for income taxes, such as Colorado, if you’re a business owner it’s important to check with your tax advisor on how it may affect you. While income tax has broadly been delayed across the board to July 15th, not all excise taxes have received the same extension.  

Property taxes are mostly unaffected and not part of the broader extension to July 15th, although states are working with their county treasurers to provide assistance when needed. Thankfully, most people pay their property taxes through escrow rather than out of pocket making this less of an impact on the general public.  

At DPWM, our goal is to communicate important topics and bring peace of mind to those we work with, as well as the greater Denver community. As always, if you have any questions please feel free to reach out to your Denver Private Wealth Management team. We are here to help! 

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