Treasury Secretary Stephen Munchin announced this morning that the due date for individual and corporate federal income tax returns is now being extended until July 15, 2020, without the need to file an extension request. As we previously reported, the (Internal Revenue Service) IRS extended the due date for making certain tax payments until July 15. However, in that prior announcement the IRS had not extended the due date for filing individual and corporate income tax returns. This announcement reverses that prior decision not to automatically extend the filing deadline.
The IRS announced on Friday, March 20, that taxpayers can defer making income tax payments that are due on April 15, 2020, (including 2020 estimated tax payments) until July 15, 2020, without any limitation on the amount deferred. As under the prior announcement, no interest or penalties will be imposed during the period of the deferral. This announcement supersedes the IRS announcement made earlier in the week, which granted a deferral but provided limitations on the amounts that could be deferred.
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