Update March 20, 2020
Treasury Secretary Steven Mnuchin has announced that President Trump has directed the IRS to move the filing date from April 15 to July 15. Previously, the IRS had moved the payment deadline, but increasing uncertainty regarding the Coronavirus appears to have led to a change in the actual filing deadline. This would permit taxpayers to wait until July 15th before filing anything, without the need for filing an extension.
Update March 18, 2020
There has been much speculation surrounding the impact of the Coronavirus (COVID-19) pandemic on the U.S. tax filing deadline. At a Tuesday White House briefing, Treasury Secretary Steven Mnuchin announced new relief measures that are effective immediately. The IRS released Notice 2020-17 on March 18, 2020 providing more detailed guidance on this issue.
The Internal Revenue Service (IRS) has extended the tax payment deadline for 2019 income taxes for individuals who owe up to $1 million (regardless of filing status) and corporations that owe up to $10 million.
Eligible taxpayers can defer payment for up to 90 days without accruing interest or penalties. This puts the new tax payment deadline at July 15. As of now, the tax filing deadline remains April 15. The relief provided does not grant an extension of time to file your return. Any normal extensions must still be filed in order to avoid late filing penalties. The payment deferral allowed by the IRS does not apply to states. Individual states will still need to decide whether they will follow suit in granting similar payment relief. The deferral allowed by the IRS applies only to 2019 income tax due and the first quarter 2020 estimated payment due on April 15, 2020.
Our firm will continue to operate with the goal of having tax filings completed by April 15th for clients who timely provide us with information to file.
At this time, our office will remain open for pick-up and drop-off of tax information. However, we will not be meeting with clients as we do our part to combat this virus. We are available by phone or email to discuss any questions.