Treasury Extends Tax Filing Deadline: 3 Things to Know
On Friday, March 20, President Trump directed U.S. Treasury Secretary Steven Mnuchin to move Tax Day, normally April 15, to July 15. This extends the deadline for filing 2019 federal income tax returns to July 15, 2020.
It is unclear if this applies to tax returns originally due before April 15, 2020, because Mnuchin made the announcement on Twitter.
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.
— Steven Mnuchin (@stevenmnuchin1) March 20, 2020
Earlier in the week, the U.S. Treasury Department and the IRS extended the federal tax payment deadline by 90 days, an action allowed after the president declared a national emergency in response to the coronavirus (COVID-19) pandemic. Now the tax filing deadline has also moved to July 15.
As a result of this deadline move, it is our understanding that Oregon will mirror the federal due dates. Many other states have taken action and have already extended their state filing deadlines. The AICPA is actively updating their chart as the states provide guidance.
There are three important things to know about COVID-19’s impact on your tax responsibilities:
- The due date for federal tax returns and payments, including First Quarter 2020 estimated tax payments, has now been extended to July 15.
- Returns are currently being processed by the IRS and the states. If you are expecting a refund, file your taxes quickly!
- At Delap, we are taking every precaution available to keep our clients, employees, families, and friends safe. Our team is working primarily on a remote basis, and we are planning to stay the course as best we can to keep you informed and our teams as productive as their individual situations allow.
We will provide you with updates through email, on our blog, and via social media as we receive information and confirm its validity. We are all in this together, and we will come out stronger on the other side. If you have questions, don’t hesitate to reach out.