- Individual & non-corporate filers can defer federal income tax by 90 days, up to July 15,2020
- The April 15th deadline to submit tax returns has not changed, unless you request an extension.
If you are anything like us, we have been watching the news very carefully trying to follow along with the information regarding the April 15th, 2020 tax deadline. With many partial stories of what is being done, there been a lot of misinformation provided.
As of yesterday, March 18th, 2020 we have received official confirmation from the Department of Treasury (who run the IRS) that there will be changes made in regards to the Federal tax deadline. The most important thing to note is that the current Federal tax filing deadline HAS NOT CHANGED. In order to receive more time to file your taxes you will still need to file a tax extension (Form 4868).
The U.S. Treasury Department and Internal Revenue Service (IRS) issued guidance allowing all individual and other non-corporate 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. We can't stress enough that this guidance does not change the April 15 filing deadline.
Additionally, Treasury Secretary Steven T. Mnuchin said "Americans should file their tax returns by April 15 because many will receive a refund. Those filing will be able to take advantage of their refunds sooner. This deferment allows those who owe a payment to the IRS to defer the payment until July 15 without interest or penalties. Treasury and IRS are ensuring that hardworking Americans and businesses have additional liquidity for the next several months."
The desired result is approximately $300 billion of additional capital in the US Economy during that three month time span. Check back in to the website below for additional updates.
Visit https://home.treasury.gov/news/press-releases/sm948 for the entire story.
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