Maine’s Second Quarter Estimated Tax Deadline Moved to July 15

Maine recently announced that the second quarter 2020 estimated Maine income tax payment deadline for individuals, trusts, estates, and calendar year entities has been extended from June 15 to July 15, 2020. This brings into alignment a number of actions that are now required by July 15 for many calendar year Maine taxpayers, including filing 2019 returns or extensions, making payments of tax to resolve the balance of 2019 tax liabilities, and paying both Q1 and Q2 estimated taxes for 2020.

This also brings Maine into alignment with many (but not all) other states, who in varying fashion generally have followed the IRS lead in adopting the July 15 deadline to take the place of most actions otherwise required on or between April 15 and June 15.

A short, partial overview of the northern New England state jurisdictions in which BNN has offices (applicable to most calendar-year filers) is as follows:

Maine: 2019 returns and related extension payments and 2020 Q1 and Q2 estimates are due July 15.

Massachusetts: 2019 returns or extensions and related tax, and 2020 Q1 and Q2 estimates for individuals are due July 15. Corporate tax returns were still due April 15, but penalties will be waived if the returns are filed and the tax is paid by July 15. Interest is statutory and cannot be waived. No changes were made to the due dates of the first and second quarter estimated tax payments for corporations.

New Hampshire: New Hampshire is an outlier, by not having adopted July 15 for any actions normally due before then. It instead uses a somewhat complex system for Business Profits Tax and Interest & Dividends Tax that bifurcates deadlines for taxpayers depending on size – specifically, their 2018 tax. For what we will refer to as “large” taxpayers, the state retained its historical April 15 deadline for returns or extension payments, as well as Q1 estimates; and retained its June 15 deadline for Q2 estimates. For “small” taxpayers, those actions are instead required by June 15. Further concessions are provided (for both large and small filers) that allow certain payments to be based on 2018, rather than 2019, financial results.

For more information or a discussion on how this may impact you, please contact Merrill Barter or your BNN advisor at 800.244.7444.

Disclaimer of Liability: This publication is intended to provide general information to our clients and friends. It does not constitute accounting, tax, investment, or legal advice; nor is it intended to convey a thorough treatment of the subject matter.