There has been much speculation surrounding the impact of the Coronavirus (COVID-19) pandemic on the U.S. tax filing deadline. At a Tuesday White House briefing, Treasury Secretary Steven Mnuchin announced new relief measures that are effective immediately.
The Internal Revenue Services (IRS) has extended the tax payment deadline for 2019 income taxes for individuals who owe up to $1 million and corporations that owe up to $10 million.
Eligible taxpayers can defer payment for up to 90 days without accruing interest or penalties. This puts the new tax payment deadline at July 15. As of now, the tax filing deadline remains April 15, though this could still change. It is also unclear at this time whether the later payment deadline will be available for first quarter 2020 estimated tax payments that are currently due on April 15, 2020. Regardless of the change in the payment deadline, our firm will continue to operate with the goal of completing as many tax filings as possible by the current April 15th filing deadline.
We remain on alert to any news about this situation. If the IRS announces an extension of the current April 15th filing deadline, we will contact you as soon as possible. It is expected that many states, including Oregon, will follow suit in granting similar payment relief. We will be sure to keep you apprised of any new updates at both the federal and state levels.
In the meantime, please do not hesitate to contact us with any questions you have regarding these circumstances.