As most of you read yesterday, Secretary of the Treasury Steven Mnuchin said the deadline to file taxes has been extended to July 15. “We are moving Tax Day from April 15 to July 15,” Secretary Steven Mnuchin wrote on Twitter. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.” He said he was acting at President Donald Trump’s direction. The White House had announced previously they were deferring tax payments for 90 days, but that Americans would still need to file by April 15. Later in the day, the IRS issued formal guidance that superseded and expanded previous guidance that gave taxpayers extra time to pay, but included limitations on the amount of tax they could defer ($1M for individuals and $10M for corporations). The new guidance removes those caps and permits unlimited income tax payment deferral until July 15, 2020. The extension of the Federal deadline does not automatically apply to all states. Some states have already extended their due date. We are waiting for New York to issue formal guidance and will continue to monitor for future developments. If you have any questions, please contact a member of your Insero tax professional team.
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About the Author: Lou Gangi
