BREAKING: Tax Filing Deadline Moved to July 15
U.S. Treasury Department Secretary Steven Mnuchin announced that the 2019 income tax filing deadline will be moved to July 15, 2020 from April 15, 2020, because of the COVID-19 outbreak.
At President Trump’s direction, Mnuchin announced on Twitter, “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.”
Previously, the U.S. Treasury Department and the IRS had announced that taxpayers could defer making income tax payments for 2019 and estimated income tax payments for 2020 due April 15 (up to certain amounts) until July 15, 2020. Now, the federal government is stating that you don’t have to file a return by April 15.
Our tax team has the capacity to prepare returns now. It's uncertain whether the promised filing delay to July 15 effectively overrides the previous payment delay, which was limited to $1 million, or to all tax payments, regardless of amount. We strongly encourage our clients to gather their information now so that we can give proper advice on how all these rapidly changing rules apply to your situation. Contact your Brown Smith Wallace tax advisor with any questions you have about filing your return.