Tax News: Treasury Announces Delay in Tax Payment and Filing Deadline

Published on March 20, 2020

Notice 2020-18 provides clarification on the expanded relief provided. Any person, defined as an individual, trust, estate, partnership, association, company, or corporation, with a Federal income tax payment or return due April 15, 2020, is affected by COVID-19. 

As a result the due date for all filings and payments due April 15, 2020, are automatically postponed to July 15, 2020, an extension filing is not required for this automatic extension.

Additionally, the previously announced limitation on the amount of the payment that may be postponed has been lifted, so taxpayers may choose to defer payments of any amount.

———–

This morning, March 20th, Treasury Secretary Steven Mnuchin announced an update to the Treasury’s response to the coronavirus (COVID-19). The tax deadline has now officially been delayed from April 15 to July 15 for all taxpayers and businesses. Per a tweet this morning from the Treasury Secretary, at President Trump’s direction “all taxpayers and businesses will have this additional time to file and make payments without interest or penalties.” The Treasury is still encouraging taxpayers who may have refunds to file now.

If you have any questions about this, contact the Johnson Lambert team.

Previous Update

This communication is intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

Chris Pittman
Chris Pittman | Manager