According to Treasury Secretary Steven Mnuchin, “Treasury and the IRS are extending tax deadlines for fiscal year businesses, tax-exempt organizations and more than 270 other tax-related deadlines” in an effort to relieve taxpayers during the challenging times of COVID-19.
Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15 without interest or penalties for late-filing or late-payment.
Today’s notice expands this relief, and the extensions “generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020.”
“Individuals, trusts, estates, corporations and other non-corporate tax filers qualify for the extra time. This means that anyone, including Americans who live and work abroad, can now wait until July 15 to file their 2019 federal income tax return and pay any tax due,” according to the news release.
Some additional details:
Relief for tax-exempt organizations and fiscal year businesses
Tax returns and payments for tax-exempt organizations and fiscal year businesses due between April and June are postponed until July 15, 2020.
Tax return and payment deadlines for estate taxes and associated gift taxes, typically due within nine months from the date of death, are postponed to July 15, 2020.
For all taxpayers, Treasury and the IRS are extending an additional 270 administrative deadlines to July 15, 2020.
For the full notice, click here and please contact this office with any questions.
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