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Tax Deadline - What We Know Right Now

Tax Deadline - What We Know Right Now

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This post has been updated, click here for the most recent update: https://www.herbein.com/blog/2020-tax-deadlines-the-latest-news

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March 17, 2020 Update:
On Tuesday, Mar. 17, Treasury Secretary Steven Mnuchin announced that the Treasury and IRS have agreed to a delay in the date to make tax payments, but NOT a delay in the tax return filing deadline. Click here to read the blog update.

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March 15, 2020 Update:
On the evening of March 15th, The AICPA posted an update on their conversations with the Treasury to extend the tax filing deadline:

"Yesterday, we told you about our efforts and conversations with the Treasury Department and the IRS to secure filing and payment relief for taxpayers and tax preparers in light of the uncertainty and challenges caused by the spread of the Coronavirus (COVID-19) pandemic.

Based upon our conversations, we anticipate that Treasury and the IRS will announce this week an extension of the April 15th deadline by as much as 90 days, and a waiver of penalties and interest for most taxpayers.

Additionally, Treasury and the IRS are aware of the major deadline for businesses tomorrow, March 16th, and the challenges facing taxpayers and tax preparers in meeting that deadline.  They have indicated that they would be generous in determining reasonable cause abatement of any penalties for taxpayers and tax preparers unable to file in a timely manner."

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March 13, 2020 Update: 
With iconic American institutions on hold due to the coronavirus pandemic – including Disney World and March Madness – the Administration and Congressional leaders are negotiating an economic stimulus package that could include an extension of the April 15 tax deadline.

From the Oval Office on March 11, President Trump proposed tax-payment relief for “certain individuals and businesses negatively impacted”. The American Institute of Certified Public Accountants (AICPA) responded with a press release recommending an automatic extension for all taxpayers, without having to file IRS extension form 4868. 

Speculation is that the Treasury is also considering not only a filing extension, but an extension on payments due on April 15. After a day of talks between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin, Ms. Pelosi told reporters that the House would vote on a stimulus measure “one way or another” on Friday the 13.  Other aspects of the measure that are still being worked out include tax credits for small and medium-sized businesses, a temporary payroll tax cut lasting through 2020, enhanced unemployment benefits, aid for food assistance and guaranteed sick leave.

If the House passes the stimulus package, it would then move to the Senate which called off a recess that had been scheduled for next week.

At Herbein + Company, Inc., we are keeping a close eye on the progress of this fast-moving measure and will keep you informed as details become available. Contact us at info@herbein.com for additional questions.

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