FEDERAL INCOME TAX DEADLINE MOVED TO JULY 15 DUE TO CORONA-VIRUS

Treasury Secretary Steven Mnuchin announced on March 20, 2020 that the administration has moved the IRS deadline for filing taxes from April 15 to July 15 due to the disruption caused by the corona-virus. This action by Treasury also removes the $1 million/$10 million “Applicable Postponed Amount” cap for the deferral of tax payments that was instituted as part of last Tuesday’s IRS pronouncement that deferred the payment deadline up to those cap amounts to July 15. This not only provides further relief, but additional opportunity .

The Treasury Department had initially just extended the deadline for Americans to pay any owed income taxes, giving individual and other noncorporate filers until July 15 to pay up to $1 million of federal income tax — including self-employment tax payments — without incurring penalties or interest.

Today’s movement of the filing deadline will give millions of taxpayers more time to fill out their tax forms as corona-virus upends daily life across the country.

Reference: https://www.cnbc.com/2020/03/20/ccoronavirus-mnuchin-says-irs-will-move-tax-filing-deadline-to-july-15.html