U.S. Tax Filing Deadline Moved to July 15
U.S. Tax Filing Deadline Moved to July 15
3/21/2020
As anticipated, on Friday, March 20, Treasury Secretary Steven Mnuchin confirmed that the April 15 tax filing deadline has officially been extended to July 15 to mirror the extended payment due date. Procedural details are still forthcoming, but at this time, it appears that no extensions will be required to be filed on April 15. The AICPA is keeping a list of states’ tax developments here. (Reminder: The extension to pay does not apply to individual taxpayers with balances due in excess of $1 Million and corporate taxpayers with balances due in excess of $10 Million. Amounts due in excess of these limits should still be paid by April 15, 2020.)
Taxpayers that expect to receive refunds from the government are encouraged to file their tax returns as soon as possible. Filing them electronically and providing the taxpayers bank account information with the return, to accept these refunds will afford taxpayers the opportunity to receive the quickest refunds.
Both individual and corporate taxpayers that normally are required to pay quarterly tax estimates also benefit from these extensions. The first 2020 tax estimates (normally due April 15, 2020) have been postponed until July 15, 2020. Common sense would dictate that this extension would also apply to the second quarter tax estimates due June 15, 2020, but we do not have clear guidance on this at this time. If you are a business owner and your tax estimates are based on the profitability of your business, please contact your tax advisor for assistance in calculating these estimates, especially if your business has been negatively affected by this situation. Please refer to the AICPA list for guidance on each state’s 2020 estimate payment requirements as well.
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