Information regarding federal tax day changes
Today, Treasury Secretary Steven Mnuchin has said (via twitter) that President Trump has directed him to move Tax Day from April 15th to July 15th.
His follow-up tweet encouraged taxpayers, if eligible for refunds, to go ahead and file early to get their money.
Earlier Blog Post:
As part of the Coronavirus response, the Treasury and IRS announced that the federal individual and corporate income tax payment due date related to the 2019 tax year and first quarter estimates for 2020 will be deferred by 90 days to July 15, 2020, however, federal tax returns must still be filed by April 15, unless paperwork is submitted by the individual or corporation for a six-month tax extension.
This means that individual taxpayers can delay paying their income taxes on up to $1 million owed, according to Treasury Secretary Steven Mnuchin, without being subject to interest or penalties.
Corporate taxpayers are also being granted 90 days to pay up to $10 million in federal taxes owed without interest or penalties.
It is important to note that all individuals and corporations must still file their 2019 tax returns by the April 15, 2020 filing deadline, unless a six-month tax extension is filed.
This deferment of federal tax payments will result in about $300 billion of additional liquidity in the economy in the near term.
Some states have also announced extensions and deferments, an updated list of state actions is available from the AICPA here.
We will provide additional updates and details as they are made available. If you have any immediate questions, please reach out to your Aprio Cloud representative.