Illinois tax filing delay will add to its cash flow strains – The Bond Buyer

Illinois’ liquidity is being tested as the state grapples with revenue losses, emergency spending and delayed income tax payments that have muddled the budget picture and prompted worries of longer term fiscal strains due to COVID-19.
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debtsor
4 years ago

One interesting thing for tax filers is that the April 15, 2020 date is the date by which any final tax must be paid. But self-employed filers apparently don’t need to make the first estimated payment, the April 15, 2020 payment on their 2020 taxes – that too has been postponed to July 15. So what happens to the June 2020 second estimated payment, and the September 2020 estimated payment? Think about that for a second – 3 out of the 4 estimated 2020 tax payments will be paid between June 15, 2020 and September 15, 2020 (with the final… Read more »

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