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In the fast moving and ever-changing environment surrounding the Coronavirus pandemic, the U.S. Treasury announced that the tax filing deadline of April 15, 2020, will be pushed back to July 15, 2020. This was a change of course from earlier announcements only days earlier.
Earlier this week, Treasury and the IRS announced that they would allow certain payments to be deferred from April 15 to July 15. However, they stopped short of changing the actual filing deadline. This payment deferral was met with lukewarm response because taxpayers would still have the burden of filing either a return or an extension by 4/15.
In response, the Treasury has now pushed back both the filing and payment deadlines to July 15. This will allow taxpayers additional time to gather materials and file their taxes in the midst of the COVID-19 pandemic.
Despite the extended deadlines, our W&S professionals remain available to assist you with your current needs, from tax planning to compliance. If you anticipate receiving a refund, the federal government is urging taxpayers to still go ahead and file sooner rather than waiting for the extended deadline. In that same vein, while the federal government is granting taxpayers more time to file and pay their income taxes, W&S is continuing to monitor each state’s reaction to this federal declaration. Some states have already rolled out delays due to COVID-19, and many others are contemplating such a delay.
In the interest of social distancing to help mitigate the transmission of COVID-19, per CDC guidelines, we suggest the following: