According to Treasury Secretary Steven Mnuchin, “Treasury and the IRS are extending tax deadlines for fiscal year businesses, tax-exempt organizations and more than 270 other tax-related deadlines”. This is an effort to relieve taxpayers during the challenging times of COVID-19.
The IRS announced that taxpayers have until 15.7.2020, to file and pay federal income taxes due on April 15. A payment before the deadline will be without interest or penalties for late-filing or late-payment.
However, today’s notice expands this relief. Extensions “generally now apply to all taxpayers that have a filing or payment deadline falling on/after 1.4.2020, and before 15.7.2020.”
“Individuals, trusts, estates, corporations and other non-corporate tax filers qualify for the extra time. This means that anyone, including Americans who live and work abroad, can now wait until 15.5. to file their 2019 federal income tax return and pay any tax due,” according to news.
Some additional details:
Relief for tax-exempt organizations and fiscal year businesses
Additionally, deadline for tax returns and payments for tax-exempt organizations and fiscal year businesses due April/June is 15.7.2020.
Deadline for tax return and payment deadlines for estate taxes and associated gift taxes is 15.7.2020. These are typically due within nine months from the date of death.
Finally, Treasury and the IRS are extending an additional 270 deadlines to 15.7.2020.
For the full notice, click here and please contact us with any questions.