Earlier today, March 20, 2020, Treasury Secretary Mnuchin “tweeted” that the IRS is moving Tax Day from April 15, 2020 to July 15, 2020. This will postpone the individual and corporation tax return filing date to July 15, 2020 and makes it consistent with the previous tax payment relief outlined in Notice 2020-17 (Issued March 18, 2020).
While there aren’t many details that can be gleaned in a statement issued via Twitter, this is welcome relief for all taxpayers. The delay of the filing deadline to July 15, 2020 will alleviate the need to file a federal extension and/or make any federal income tax payment due April 15, 2020 for applicable individuals and corporations.
Many states, including Pennsylvania, have not issued any statements regarding the postponement of their tax filing and payment deadlines. Other states that have already issued their plans to adjust their deadlines, may be amending those dates to coincide with the updated IRS date of July 15, 2020. We are monitoring the states and how they plan to provide relief.
Treasury Secretary Mnuchin’s tweet is certainly a positive development and although we still have some unanswered questions, we wanted to keep you up to date. During this rapidly changing environment, we will keep you informed as any new details emerge.
If you have any questions or concerns, please contact your Maillie LLP representative us via phone or email.