Written by JHM
This past Tuesday, U.S. Treasury Secretary Steven Mnuchin announced the standard April 15 deadline for tax payment was being delayed 90 days until July 15, 2020, due to the Coronavirus pandemic. The initial change did not impact the filing deadline. However, the announcement came three days later the standard filing deadline of April 15 has also now been changed to July 15, to match the extended payment deadline. Taxpayers will not need to file extension forms or returns prior to July 15. Obviously, if refunds are expected, we encourage filing.
No penalties, interest or other late payment fees will be incurred on amounts delayed from April 15 to July 15, 2020.
The relief encompasses all income taxes otherwise due April 15, 2020, with respect to a taxpayer’s 2019 tax year and estimated payments related to a taxpayer’s 2020 tax year. No extension is granted for the payment of other applicable income taxes. Estimates related to 2020 which are due June 15, 2020, are still payable as before. However, a broad Senate bill has been introduced that may postpone estimated tax payments all the way to October 15. Stay tuned, and we will update as the bill progresses.
Please contact us if you have any questions on how this applies to your situation.