Following the recent 90 day tax payment extension, Treasury Secretary Steven Mnuchin announced that the tax filing deadline has been extended three months to July 15th as well. This is in response to the recent coronavirus (COVID-19) pandemic.
The new Tax Day means that all businesses and individuals with a filing deadline of April 15, 2020, will have additional time to file their taxes. All filings that were originally due on April 15, 2020 will now be due July 15, 2020, and any payments of one million dollars or less for individuals (ten million dollars or less for corporate taxpayers) due April 15, 2020 will now have no penalties or interest charged against them until July 15, 2020.
However, for those that pay quarterly estimated income tax payments, these extensions of time to file and pay have specifically been written to cover filings and payments with an original due date of April 15, 2020, so to date there has been no extension of time given for a second quarter payment which is due June 15, 2020. As all of these changes are new and present many questions that Congress and the IRS need to work out, there may be additional changes to this deadline as well, but until that is made official, based on the current rules as they now stand, it is still as important as ever to get us the information needed to prepare your returns so any unchanged or non-extended deadlines can still be met.
For those taxpayers that are expecting a refund, it is advisable to go ahead and file now.