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Tax Filing Date Moved to July 15

Read the updated post on this topic here: https://www.herbein.com/blog/2020-tax-deadlines-the-latest-news.

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It’s official: Americans now have an additional three months to file their taxes.

Treasury Secretary Steven Mnuchin made the announcement on Twitter on March 20: “We are moving Tax Day from April 15 to July 15.  All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”

Mnuchin, who says he’s acting under the direction of President Trump, followed up with a second tweet urging taxpayers who expect a refund to “file now to get your money.”   

On Tuesday, Mar. 17, the White House and the Treasury jointly declared a deferment in tax payments for 90 days due to the COVID-19 pandemic but kept the filing date as April 15.  Pushback swiftly followed from lawmakers and groups such as the American Institute of Certified Public Accountants (AICPA), leading to a bipartisan group of senators introducing legislation on March 19 to extend the deadline. 

Taxpayers can still request a six-month extension to file their returns, as they can in any other year.  However, since the IRS has not issued official guidance yet, previously stated payment due dates are still in effect.  That means, if you owe more than $1 million in taxes, the payment deadline remains April 15, until further notice from the IRS.

While many states have already extended their tax filing deadlines, the move to extend the federal tax deadline will increase pressure on all states and localities to align their deadlines with the IRS. 

The AICPA has an updated list of state filing information on their website – click here to find your state:

https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf

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