Today the US Treasury extended the filing deadline date for federal returns to coincide with the payment due date extension that was announced earlier this week. Treasury Secretary Mnuchin announced via Twitter that the Treasury and IRS “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.” There is currently no written authority, which leaves questions about the timing of federal income tax payments in excess of $1 million for individuals. Additional written guidance is expected to be released early next week.
At the state level, many states have already extended their filing and payment deadline. Some states (including Massachusetts) previously released statements that they would follow the Federal filing requirements and we anticipate the remaining states to issue statements providing relief in the near future. As of the time this article was written, Maine and New Hampshire had not released any statements. For anyone who wants the very latest information, the AICPA is keeping this State Chart of Coronavirus Relief updated regularly.
by Matthew Pore, CPA