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UPDATE: Please note that as of Friday, March 20, the federal income tax filing deadline was also extended to July 15, 2020. Additionally, there are no longer limits on the amount of tax that may be deferred. Read more.
On Friday, March 13, President Trump declared a national emergency in response to COVID-19. The announcement granted the U.S. Treasury Department and the Internal Revenue Service the ability to extend the tax payment deadline. Normally, individual taxpayers must submit their tax returns and pay amounts owed by April 15 or file an extension.
The Treasury Department and IRS issued guidance on Wednesday about extending the tax payment deadline, which allows:
There have been no changes to the filing deadlines. Taxpayers will still be required to either file their returns or extensions by April 15, 2020.
The AICPA is urging the Treasury to provide an extension of time to file. Several states, including Oregon, are tied directly to IRS due dates and would conform automatically if a federal filing extension is offered. Other states, such as California, have already announced an extension for both filing and payment until July 15, 2020.
We are monitoring the situation closely and will provide updates as we get new information.
If you have questions, please reach out to your Delap tax advisor.