ALERT: 90-DAY REPREIVE TO FILE & PAY GRANTED TO TAXPAYERS
The Treasury Department on Friday announced that taxpayers will be able to defer filings their taxes for 90 days past April 15th. This means that the filing and payment are now due July 15th, 2020. This is a great relief to the industry, which was preparing to have the filing date separated from the payment date (see previous blog post). The latest announcement aligns both the filing and payment deadlines removing any potential confusion. You can read the full notice here.
Another notable change for this notice is that there is no limitation on the amount of tax due that is eligible for postponement. Meaning ALL taxpayers that were previously required to file their returns on April 15th, are now automatically due July 15th. No action is required by the taxpayer to take advantage of this change in due date.
Some states have started to follow suit but many have not implemented the new deadline as of yet. The AICPA is updating a chart for each states changes here.
Contact my office if you'd like to talk about the impact this may have on your personal tax situation.
Keep up to date with the IRS official postings here.
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