The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus.
It’s Official: IRS Delays Tax Filing Deadline to July 15, 2020, Munchin Says
Topline: Treasury Secretary Steven Mnuchin tweeted on Friday that the IRS will move the income tax filing deadline from April 15, 2020, to July 15, 2020.
- Mnuchin says the move—the latest in a series of extraordinary policy interventions aimed at blunting the economic impact of the coronavirus outbreak—was directed by President Trump.
- “At @realDonaldTrump’s direction, 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,” he tweeted.
- He followed the announcement by encouraging taxpayers who may be entitled to refunds to file as soon as possible: “I encourage all taxpayers who may have tax refunds to file now to get your money,” he wrote.
- Earlier this week, Mnuchin said that taxpayers would be able to delay payment on their income taxes (up to $1 million) for 90 days, though they would still have to submit their tax returns by April 15.
Key background: The Senate’s $1 trillion economic relief bill includes several measures aimed at tax relief. In addition to pushing the filing deadline back to July 15, the bill would also extend the due date for estimated payments to October 15, 2020, and would treat all estimated payments due through October 15, 2020, as “one installment due on such date,” eliminating the need to write separate checks for the skipped April and July estimated payment dates.
Coronavirus Tax Relief
The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. This page will be updated as new information is available. For other information about the COVID-19 virus, people should visit the Centers for Disease Control and Prevention (CDC) (https://www.coronavirus.gov) for health information. Other information about actions being taken by the U.S. government is available at https://www.usa.gov/coronavirus and in Spanish at https://gobierno.usa.gov/coronavirus. The Department of Treasury also has information available at Coronavirus: Resources, Updates, and What You Should Know.
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For additional tax information call the tax experts at RMS Accounting. RMS Accounting is a division of Royale Management and has been providing tax consulting, preparation and representation services since 1984.
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