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COVID-19 Tax Deadline and Payment Extension

Note: This guidance was sent as a client alert on March 20, 2020 and the information is current as of that date.

The Treasury Department has announced via tweet from Secretary Mnuchin that the April 15th tax filing deadline will be delayed until July 15th. While this is not official Treasury guidance, we expect it will be formalized shortly.

Earlier this week, the U.S. Treasury Department and Internal Revenue Service (IRS) issued guidance allowing all individual tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest.  The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest.

Until official guidance on the deadline extension is released, there are still unanswered questions, like what will happen with the HSA, traditional IRA, and Roth IRA contribution deadlines. We will continue to monitor updates and provide information as it becomes available.

This guidance also does not automatically apply to state filings, so returns and / or payments still may be due to those regulators on the normal due dates. We will continue to monitor the actions of state agencies to allow compliance as necessary.

 

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