Updated: 10:55am ET – Friday, March 20, 2020
On Friday morning, the Treasury Department and IRS announced that the income tax filing deadline has now been extended to July 15, 2020.
Earlier this week, Secretary Mnuchin announced the extension of the tax payment deadline, but did not change the filing deadline – that has now changed. The agencies have now extended both the filing deadline for filing individual and business income tax returns, as well as the payment deadline for those who owe taxes.
“At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15,” Mnuchin tweeted. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
[Note: Earlier this week, CPA Practice Advisor incorrectly stated in an email that both deadlines had been extended, and we apologize for that error. The information now being reported (that both the filing deadline and payment deadline have been extended until July 15) has been fully verified with the Treasury Department.]
The action is a part of the government’s efforts to minimize economic disruption as it combats the COVID-19 Coronavirus pandemic. Earlier this week, the President also declared a national emergency and invoked the Stafford Act, which gives him greater authority to mobilize federal resources.
The change will have no effect on the millions of Americans who have already filed their taxes this year.
This article will be updated as more information becomes available.
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Tags: Accounting, Income Tax, IRS
