March 20, 2020
Authored by: Tiffany McKenzie and Ashley Kennedy
As an update to our earlier blog posted, U.S. Treasury Secretary Steven Mnuchin announced this morning that the U.S.is extending the April 15th tax-filing deadline to July 15th. This extension is in addition to the earlier announced tax payment extension.
Tax payers now will have until July 15th to not only file their federal income tax forms but also make tax payments. While it is still suggested to file and make payments as early as possible, individuals can defer up to $1 Million. This encompasses self-employed individuals, and all entities (other than C corporations), such as trust or estates. C corporations get an extension up to $10 million. While states are encouraged to follow suit, it is important to remember that this tax filing/payment period extension only applies to federal income tax returns.
Another important note is that this relief also applies to estimated tax payments for 2020 that are due on April 15, 2020.