We will update this article as new information becomes available. Last update: 3/25/2020, 2:30pm CT
On March 20th, the IRS issued Notice 2020-18, extending the due date for filing tax returns and making payments to July 15, 2020 and removing the cap on the amount of tax payment that can be postponed.
“At [President Trump’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,” Treasury Secretary Steven Mnuchin said in a tweet announcing the extension.
However, in a second tweet, the Treasury Secretary stated that taxpayers who are expecting refunds should file as soon as possible: “I encourage all taxpayers who may have tax refunds to file now to get your money.”
This announcement comes after several other emergency measures to deal with the unprecedented financial and economic impacts of COVID-19. It expands and restates the relief provided by the previous Notice 2020-17.
P&N is continuing to work, and we are here to help you. We are vigilantly following this evolving and unique situation as it unfolds. If you have questions about how this change impacts your individual or business tax situation, please contact your P&N tax advisor.
At this time, all tax returns normally due on April 15, 2020 are now due on July 15, 2020. If you are able to meet the April 15th timeline, it is still recommended that you do so. The IRS has provided answers to frequently asked questions related to Notice 2020-18. The FAQ page will be updated as needed, and is intended to communicate information and general guidance during this quickly-evolving situation. If you have questions about the information provided on this FAQ or the impact on your tax obligations, please contact your P&N tax advisor.
As a reminder, please submit documents to us electronically. Contact your P&N professional to discuss the best option for electronic document submission. Alternatively, you can mail or overnight documents to your regularly-visited P&N office. A list of addresses is available here.
If you have any questions regarding your circumstances, please contact us.