- The U.S. government extended the tax-filing deadline to July 15, giving taxpayers 90 extra days to file and pay their taxes.
- The filing deadline is automatically postponed until July 15; no additional filing is necessary to take advantage of the extension.
- The extension applies to both 2019 federal income taxes and estimated taxes for the first quarter of 2020.
- No guidance has been provided for taxpayers that need an extension of time past July 15, 2020, at the time of this writing.
- Many states are adjusting their tax deadlines as well; check your individual state for any movement on these deadlines or contact us with questions.
The IRS issued several notices last week, including Notice 2020-18 on March 20, spelling out the formal guidance on the Tax Day delay and amending the previous Notice 2020-17 issued on March 19. The 90-day delay is part of an emergency relief plan for Americans who have been adversely affected by the COVID-19 emergency (see Individual State Return filing deadlines vary).
Filing deadline postponed to July 15, 2020
Under the administrative rules, federal income tax filing and payment relief until July 15 is extended to all taxpayers and businesses who have federal income tax returns and federal income tax payments due on April 15, 2020 (including tax on self-employment income). This includes 2019 tax returns as well as estimated taxes for the first quarter of 2020.
No documentation is required to take advantage of the delay, and there is no cap on the amount of taxes that can be deferred. Related interest, tax additions, and penalties for late filing or late payment are also suspended until July 15, 2020. However, the change does not affect payroll taxes, estate taxes, excise taxes or estimated taxes due on June 15.
The federal filing extension also does not apply to individual state income tax deadlines (see below). No doubt we will all be hearing more details from the IRS and lawmakers as further decisions are made in tax areas where more details are needed for compliance. The IRS continues to process returns and send out refunds. Visit the IRS website for more details.
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