Tax Deadline Updates & Office Policy
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O F F I C E P O L I C Y & T A X U P D A T E S
For all of us to be as safe as possible, our office policy is:
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Treasury & IRS Tax Deadline Announcement
On March 20, 2020 the US Treasury and the IRS announced they will move the national income tax filing day ahead to July 15th. This extension will give all taxpayers and businesses more time to file returns and make payments without interest or penalties. The IRS move will increase pressure on states and cities to align their deadlines with the new one for federal income tax returns. No word yet on Ohio’s tax filing deadline.
The official announcement below:
Washington – Following President Donald J. Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and Internal Revenue Service (IRS) today issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest. The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest.
Those that are due a refund are urged to file their returns by April 15th. “Those filing will be able to take advantage of their refunds sooner,” said Treasury Secretary Steven T. Mnuchin. “Treasury and IRS are ensuring that hard working Americans and businesses have additional liquidity for the next several months.”
Today’s guidance will result in about $300 billion of additional liquidity in the economy in the near term. Treasury and IRS will issue additional guidance as needed and continue working with Congress, on a bipartisan basis, on legislation to provide further relief to the American people.
Announcement Link: https://home.treasury.gov/news/press-releases/sm948
Additionally the IRS has setup a Coronavirus Tax Relief Page for tax related updates: https://www.irs.gov/coronavirus