On March 20, 2020, Americans will have an additional three months to file their taxes amid the coronavirus pandemic, the US treasury secretary said on Friday.
“We are moving Tax Day from April 15 to July 15,” Secretary Steven Mnuchin tweeted. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
He said he was acting at President Donald Trump’s direction.
IRS announces payment deadline extended to July 15th, 2020
On March 13, 2020, the President of the United States issued an emergency declaration under the Robert T. Stafford Disaster Relief and Emergency Assistance Act in response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic (Emergency Declaration).
As a result of the above, the Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 outbreak.
The payment relief includes:
- Extending individual federal income tax payment deadlines until July 15, 2020, for up to $1 million of tax due for 2019 and 1st quarter 2020 estimates
- C Corporations federal income tax payment deadlines are automatically extended until July 15, 2020, for up to $10 million of their 2019 tax and 1st quarter 2020 estimates
This relief only applies to federal income tax (including tax on self-employment income) payments otherwise due April 15, 2020. State tax payments or deposits or payments of any other type of federal tax are not included.
The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the April 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request a six-month extension to file their return.
For more information please visit https://www.irs.gov/pub/irs-drop/n-20-17.pdf
As of March 18, 2020 Nebraska, and Iowa have not yet released any information regarding state tax payment relief. We will continue to monitor but please visit the AICPA for updates: