On March 17, 2020, Treasury Secretary Steven Mnuchin announced that the IRS is extending deadlines for tax payments by 90 days. For payments which would have been due April 15, 2020, the new payment due date would be July 15, 2020. An individual may defer tax payments of up to $1 million for 90 days.
Secretary Mnuchin urged taxpayers to file their returns by April 15, 2020 – that deadline has not been extended.
If you cannot or do not wish to file your individual income tax return by April 15, you can complete Form 4468, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. Filing this form with the IRS prior to April 15, 2020, will result in an automatic extension to file until October 15, 2020.
This is a time of uncertainty; no official guidance has been issued with respect to the extended deadlines, and we would not be shocked to see further changes and accommodations.
If you have questions on how the new deadline might affect you, please click here to email me directly – I am here to help.
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Until next Wednesday –