Today, Treasury Secretary Steven Mnuchin, acting at President Trump’s direction, announced that the Federal tax filing deadline will move from April 15 to July 15. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties,” said Mnuchin. The deadline has been extended as part of a growing effort to stem the financial pain from the coronavirus pandemic.
Please note that this new deadline applies to Federal taxes only. State guidance on filing deadlines will likely be announced in the next few days. We will let you know if any state plans to continue with the April 15 deadline. We expect that many states will follow the Federal guidance and extend their filing deadlines to July 15.
Earlier in the week, Mnuchin announced that individuals can defer up to $1 million in tax payments and corporations can defer up to $10 million in tax payments interest-free and penalty-free for 90 days.
It is our firm’s intention to continue to work toward filing returns for any of our clients who will have a tax refund or any returns that are usually completed without an extension as the situation allows. For clients who have a balance due or who are usually extended (due to K-1’s that are not available, for example) we will have until July 15 to file. The Treasury has not commented on extensions past July 15, but we expect extensions filed by July 15 will continue to be due on their usual due dates, barring any additional guidance from the Treasury.
Please reach out to your tonneson + co representative with any questions that you have about your specific situation or plan for filing.
As a reminder, our firm has closed our offices and is having employees work remotely through March 31, 2020. We will be monitoring the situation daily, taking into account guidance from the Centers for Disease Control and Prevention (CDC), public health agencies and state officials. We will adapt our protocols as necessary and keep you apprised of all updates and changes. During this time, we will be available by email, phone, and videoconference. As always, we are focused on providing the best possible service to our clients.
Should you have any questions, please don’t hesitate to reach out to us. We are thinking of you, your families, and your businesses at this time and wishing you all good health.