March 18, 2020
There has been much speculation surrounding the impact of the Coronavirus (COVID-19) pandemic on the U.S. tax filing deadline. On Tuesday, March 17, 2020 at a White House briefing, Treasury Secretary Steven Mnuchin announced new relief measures that are effective immediately.
The Internal Revenue Services (IRS) has extended the tax payment deadline for 2019 income taxes for individuals who owe up to $1 million and corporations that owe up to $10 million.
Eligible taxpayers can defer payment for up to 90 days without accruing interest or penalties. This puts the new tax payment deadline at July 15. As of now, the tax filing deadline remains April 15, though this could still change. Our firm will continue to focus on completing tax returns within our normal turn-around time. However, these are unusual circumstances and there may be unavoidable delays. We will continue to do our best to meet expectations and to keep the lines of communication open.
We remain on alert to any news about this situation. If the IRS announces a filing extension, we will contact you as soon as possible. It is expected that many states will follow suit in granting similar payment relief. We will be sure to keep you apprised of any new updates at both the federal and state levels.
In the meantime, please do not hesitate to contact us with any questions you have regarding these circumstances.