On March 20, 2020, Treasury Secretary Steven Mnuchin announced that the federal tax filing deadline would be moved from April 15, 2020, to July 15, 2020. This announcement allows all individuals, estates, trusts, and businesses to defer filing income tax returns and making all federal income tax payments until July 15, 2020. The extension is automatic, with no action required by the taxpayer.
The extension only applies to federal income taxes. To date, a limited number of the individual States have extended their filing and payment deadline.
Individual taxpayers are still allowed to file the “regular” extension by April 15, 2020, which extends the filing deadline to October 15, 2020, and still allows for the deferral of tax payments to July 15, 2020.
Please reach out to your McCay Duff advisor if you have questions.
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