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

Update as of March 23, 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

Chris Pittman
Chris Pittman | Manager