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IRS Announces Tax Filing Extension and Payment Deferment Options

Written by: Beth L. Fowler & John E. Rich, Jr.

3/20/20

On March 20, 2020, Secretary of the Treasury Mnuchin tweeted that the federal government has decided to move the April 15, 2020 federal tax filing deadline to July 15, 2020.  Individual taxpayers now have until July 15, 2020, to file their federal tax returns and to pay their 2019 federal tax. The IRS has not yet provided details on changes to other federal tax filing deadlines or to extended filing dates.  While states have not had time to react to this announcement, we expect many to follow the Department of Treasury and extend state filing deadlines.

On March 17, 2020, the IRS announced that it will allow individual taxpayers and small businesses who have not paid their 2019 taxes the ability to defer payments of 2019 taxes due on April 15, 2020.  Individuals may defer up to $1 million of payments, interest and penalty-free, for 90 days.  The $1 million dollar limit applies whether filing singly or married filing jointly.  Corporations may defer up to $10 million of payments.  Thus, 2019 tax payments normally due April 15 may be deferred until July 15, 2020 without incurring interest or penalty.  As of March 18, the IRS had not extended any filing deadlines. The IRS has also announced that 2020 estimated tax payments due on April 15, 2020 may be deferred.

The American Institute of Certified Public Accountants is maintaining a chart of state tax filing responses to the Coronavirus Pandemic.  It can be found at: 

https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf

 

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