It was announced in a tweet this morning, Friday, March 20, by Treasury Secretary Steve Mnuchin, that the Trump administration will push the income tax filing deadline to July 15 from April 15.
Mnuchin tweeted that at President Donald Trump’s direction, “we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
Later in the day, Notice 2020-18 was released, eliminating the cap on the amount of tax that could be deferred from April 15 to July 15. It appears that second quarter estimated tax payments will still be due on June 15.
Earlier this week, the IRS had deferred the payment deadline to July 15 but had left the April 15 filing deadline in place. The amount that could be deferred was originally limited to $1 million for individuals and $10 million for corporations.
This delay only affects federal returns, not state. However, some states are offering similar relief. The American Institute of CPAs has created a chart that summarizes each state’s relief provisions related to the Coronavirus Pandemic. Note that this is a fast-moving story, so even if your state has nothing planned as of today, that may change by tomorrow.
As more IRS and state announcements are made, we will share them with you. Please contact your MCB Tax Advisor with any questions.
The information contained within this communication is provided for informational purposes only and is not intended as a substitute for obtaining accounting, tax, or financial advice from a certified professional. Continue to check back here for the most up to date tax information and changes in response to Coronavirus.