Federal Tax Filing Deadline Extended to 7-15-2020 & Why We Recommend You NOT Delay

March 20, 2020 Uncategorized Comments Off on Federal Tax Filing Deadline Extended to 7-15-2020 & Why We Recommend You NOT Delay

The Treasury announced today that they are extending the Tax Filing Deadline from April 15th to July 15, 2020. This follows the announcement earlier in the week, that tax payments were being deferred by 90-days, without interest or penalties. This latest change now sensibly aligns tax payments with the new tax filing deadline of July 15, 2020.

“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.”

That being said, we strongly encourage you to continue to provide us your information by end of March or early April (if you have not already done so) and here are a few reasons why we recommend this practice:

  • Many taxpayers are due refunds, and these will not be delayed
  • While most are working from home or hunkering down to combat the virus spread, there is no better time to gather your info and get this out of the way.
  • Once travel and businesses are back in full swing in the coming months, most will not be focused on taxes.
  • We can complete your returns and earmark transmission on July 15th ,  so that you have peace of mind and can avoid surprises.
  • For balances due, completing the returns in the next 30 days will help you properly plan cash flow.

The recent announcement did not specifically address the previous payment deferral limit of $1 Million for individuals and $10 Million for corporations. We will certainly pass along additional information regarding this once known.

As for Massachusetts State Income Tax filing, there is still no “official” statement other than the previous statement from the DOR that they would follow any government action with regards to relief. We will pass along any changes as we receive them.

Please feel free to contact us to discuss your specific situation. We would be happy to help you assess your best course of action.

As always, we will continue to keep you informed as more information is available.

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