IRS Extends Federal Tax Filing Deadline to July 15th
On Friday, March 20, 2020, Treasury Secretary Steve Mnuchin announced the U.S. Treasury’s intention to extend the April 15th tax filing deadline to July 15th. This follows on previous guidance from earlier this week delaying payments related to tax return filings.
With the filing deadline officially extended to July 15th, individual, trust and corporate filers will have an additional 90 days to file Federal tax returns or extensions. The administration had announced earlier in the week that it would delay penalties and interest for a 90-day period, giving filers an additional window to pay their 2019 income tax bills.
In addition to extending the April 15th federal tax filing deadline for individuals, estates, trusts, and corporations to July 15th, IRS guidance also now states the following:
At this time, our goal remains unchanged, and we continue to encourage filers to submit appropriate tax return information so that we may file returns as soon as possible. Our team is equipped to proceed as planned and can accommodate filers who’s information has been received.
For those anticipating refunds, we encourage attention to this matter so as to expedite the refund of any capital you may have sitting with the U.S. Treasury.
For customers who have previously relied on extensions, please proceed with submitting your information in as timely a manner as possible; our hope is to file as many returns within the new extended (7/15) window as possible to avoid unnecessary extensions.
Upon the completion of returns, we will work with customers directly to advise on when best to make appropriate tax payments in accordance with the new deadline.
This extension applies to Federal tax returns. While most states follow Federal dues dates, many state’s responses are still being formulated. A growing list of state tax filing guidance in the wake of COVID-19 can be found on the AICPA’s website.
As more information becomes available, we will keep you informed. As always, if you have questions about how these changes may affect you or your business, please contact a member of the MFA Tax Team.
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