The IRS has issued a confirmation of U.S. Treasury Department Secretary Steven Mnuchin’s announcement last week that the 2019 income tax filing deadline is moved to July 15, 2020 from April 15, 2020, because of the coronavirus (COVID-19) outbreak. The new deadline is for all “affected taxpayers” (individuals, trusts, estates, partnerships, associations, companies or corporations). According to the Notice (2020-18) for the purposes of this relief, “affected taxpayers” are any person with a federal income tax payment or a federal income tax return due on April 15, 2020.
There is no limitation on the amount of the payment that may be postponed.
All taxpayers and businesses will have this additional time to file and make payments without interest or penalties. This relief is available solely with respect to federal income tax payments, including payments of tax on self-employment income that are due April 15, 2020 in respect of an “affected taxpayer’s” 2019 taxable year, as well as 2020 federal estimated income tax payments due on April 15, 2020.
In addition, please note that various states are not automatically following the IRS guidance for extension of payment or filing.
Contact us with any questions you have about filing your return.