As the turmoil and negative sentiment surrounding the COVID-19 pandemic continue to bombard your inboxes and TV screens, we wanted to take a moment to highlight an important change to 2020’s tax deadline that will more than likely impact many of you.
Acting under President Trump’s direction, Secretary of Treasury Steven Mnuchin sent a tweet Friday morning stating “We are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.” While we still await official guidance from the IRS, this extension will offer you an extra 90 days to:
- Prepare your 2019 Federal return
- Pay your 2019 tax liability and 2020 1st quarter estimate
If you expect to receive a refund this year, you should consider filing as soon as possible. It is important to note that each state establishes its own deadline, so you will need to determine whether your state will follow the federal’s July 15, 2020 date or set a separate deadline.
Trust that we are keeping a very close eye on this and will keep you updated as official guidance is issued. As always, we request that you touch base with your tax preparer to discuss how these decision impact your personal situations directly. Please feel free to reach out to us with any questions or concerns.