2020 Tax Deadlines: The Latest News
In the past few days, details concerning the deadlines to file and pay taxes have been in constant flux. Clearer guidelines have now been issued - and here’s what you need to know.
Both the deadline to file your federal tax return and the deadline to pay taxes due, regardless of the amount due, have been pushed to July 15, 2020. The changes began March 18 with a declaration by Secretary of the Treasury Steven Mnuchin stating that the deadline for paying your federal taxes was delayed by 90 days (Notice 2020-17). Two days later, on March 20, the IRS issued Notice 2020-18, which restated, expanded and superseded the previous Notice.
Citing the Covid-19 emergency, Secretary Mnuchin has now granted federal tax relief for individuals, trusts, estates, partnerships, associations, companies and corporations. In addition, the due date for any 2020 quarterly payment that was due on April 15 is also postponed until July 15.
Some states have begun following the Secretary’s lead and are delaying their state tax filing deadlines. That includes Pennsylvania. On Saturday, Mar. 21, 2020, the PA Department of Revenue announced that Pennsylvania personal income tax returns due April 15 are automatically extended to July 15. This extension also applies to 2019 payments as well as 2020 first quarter estimated tax payments.
Herbein + Company, Inc. is monitoring the tax filing requirements in all 50 states. You can also click this link for an update from the American Institute of Certified Public Accountants (AICPA): https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf
Taxpayers can continue to file 2019 federal and Pennsylvania returns anytime between now and July 15, 2020. Those who cannot meet the July 15 deadline can also file a request for an extension. In previous years, the final extension deadline for individuals has been a six-month extension to October 15. However, the IRS has not yet issued guidance on whether an extension to file in 2020 would result in a deadline of October 15, 2020 or January 15, 2021.
As of March 21, 2020, no formal guidance has been issued in relation to the due date of local tax filings. Our firm has had informal conversations with several local tax collectors who have suggested that the due dates for local tax returns will coincide with the federal due dates but nothing formal has been released.
For additional information contact us at info@herbein.com.
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