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March 20, 2020 | Posted in:

Tax Deadline Extended to July 15

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It’s official. On Friday, March 20, 2020, Treasury Secretary Mnuchin announced that the April 15 tax filing deadline is in fact being postponed to July 15, 2020.

The filing deadline extension applies to federal income tax returns for individuals and C-corporations. The extension is automatic — taxpayers do not need to file any additional forms or contact the IRS to qualify for this extended filing and payment relief.

According to the latest guidance posted by the IRS, this deferment applies to *all* taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. There was previously a cap for the payment extension, but that no longer applies.

[*UPDATE: As of April 1, 2020, New Jersey has also extended their tax deadline to July 15.] While New Jersey is trying to pass legislature that would also postpone the state filing due date, it is still pending at this time. Check with your respective state for updates to their tax filing and payment due dates.

This comes on the heels of the announcement earlier this week that payments would be delayed, interest and penalty-free, but not the filing deadline.

Even with this new July 15 deadline, Secretary Mnuchin still encourages taxpayers to file as soon as possible, especially if expecting a refund.
 


See the Latest IRS Q&As on This Relief

 
More details to come. Stay abreast of the latest COVID-19 information in our COVID-19 Resource Center. Contact an Alloy Silverstein accountant and advisor for further tax or business assistance.

 

 

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