Treasury Secretary Steve Mnuchin announced that the tax filing and payment deadline will be moved from April 15, 2020 to July 15, 2020.
All taxpayers with an April 15, 2020 filing due date will now be able to delay filing until July 15, 2020. The Internal Revenue Department is still encouraging taxpayers who are expecting a tax refund to file now, in order to obtain their refund.
In guidance provided in Notice 2020-18 taxpayers are permitted an unlimited tax payment deferral as well as a deferral of time to file. Previous guidance indicated that Individuals with tax due of up to $1 million and corporations with tax due up to $10 million would be permitted this deferral, these thresholds no longer apply. Every taxpayer is permitted a filing and payment extension until July 15, 2020. Notice 2020-18 takes the place of all prior guidance provided.
We expect most states to follow federal mandate. More information to come.