Treasury Secretary Mnuchin Announces Tax Filing Delay Until July 15: What You Need to Know
Treasury Secretary Steven Mnuchin has announced that the 2020 tax filing deadline will now be July 15 for both individual and corporate tax filers.
Making his declaration Friday morning via Twitter, Mnuchin tweeted, “At @realDonaldTrump’s direction, 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.”
This announcement — as well as what appears to be a growing movement in Congress to delay tax filing and payment dates even further — provides additional relief for many individuals and businesses concerned about being able to finalize their tax returns in time to meet the usual April 15 filing deadline. Last Wednesday, the IRS announced that individual and corporate tax payments can be deferred until July 15, but had not delayed the actual date for filing.
What the New Tax Filing and Payment Deadlines Mean for Washington DC Taxpayers
Here is a breakdown of what the taxpayers need to know about the new deadlines:
- Anyone expecting a tax refund is encouraged to file as soon as possible. There will be no delays in refunds.
- Individuals and corporate tax returns do not have to be filed until July 15.
- Individuals can delay payments of up to $1 million without interest and penalties until July 15.
- Corporate filers can defer payment of up to $10 million until July 15 without interest and penalties.
- First quarter estimated tax filings and payments for self-employed individuals are also delayed until July 15.
- It is unclear whether a taxpayer seeking a further extension will be allowed to file for a Form 4686 extension beyond the new deadline.
- Congress is in the process of negotiating a stimulus package that could move the tax due dates for individuals, including self-employed estimated taxpayers, and corporate tax filers back even further to October 15.
Consult the Washington DC Tax Attorneys at Thorn Law Group
While the new IRS tax deadlines provide welcomed relief for many taxpayers, you are encouraged to consult with Thorn Law Group Washington DC tax attorneys to find out the details of how these new developments could impact your particular situation.
Individuals and businesses involved in ongoing matters such as IRS audits, have filed or may need to file IRS voluntary disclosures, or who have any other corporate or personal tax law questions, are encouraged to call Kevin E. Thorn, Managing Partner, Thorn Law Group, at 202-349-4033, email at firstname.lastname@example.org or contact us online confidentially now.