On March 20, Treasury Secretary Mnuchin announced that the 2019 tax filing deadline has been extended to July 15, 2020. According to Mnuchin, “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
The Treasury Department and the IRS have announced special payment relief in response to the COVID-19 pandemic. This information is contained in Notice 2020-17. Key details are as follows:
- The income tax payment deadline for individual returns is automatically extended until July 15, 2020 for up to $1 million of 2019 tax due
- Payment relief applies to all individual returns—including self-employed individuals and all entities other than C Corporations (e.g., trusts or estates)
- For C Corporations, the income tax payment deadline is also automatically extended until July 15, 2020 for up to $10 million of 2019 tax due
- Tax payment relief also includes federal estimated tax payments for 2020 that are normally due April 15
- The federal Q1 estimated tax payment due date is now July 15
- The federal Q2 estimated tax payment due date remains June 15
- The extension does not apply to all state tax filing and payment deadlines
- The KS and MO income tax filing and payment deadline has been extended to July 15
- The extension does not apply to state sales and payroll taxes
- The IRA and HSA contribution deadline has been extended to July 15
- The IRS encourages Americans who can file their taxes before April 15, 2020 to do so
in order to take advantage of any refund due to them
Our firm continues to monitor announcements from the IRS regarding additional changes to filing and payment due dates and will keep you informed.
If you have questions, be sure to reach out to us. Our team is here to help!