Treasury Secretary Mnuchin announced last Friday the filing date for personal and business tax returns otherwise due on April 15th now have a due date of July 15th. So now, you don’t have to file or pay any federal taxes until the July 15th date.
Deadline for 2019 Federal Returns and Payments Extended to July 15
Taxpayers can defer payments due on April 15 to July 15 without any penalties or interest regardless of the amount owed. This applies to all taxpayers, whether individual, trust, estate, or corporation. No extension form is required for the deferral. Taxpayers who need an extension beyond the July 15 deadline, can request an additional filing extension by filing the appropriate form.
Taxpayers who expect a refund should still file as soon as they are able. The Internal Revenue Service (IRS) indicated that most tax refunds are being issues within 21 days. The fastest way to get a refund is to file electronically and use direct deposit.
April 15th Estimated Taxes are Included
This relief includes estimated tax payments for tax year 2020 that are due on April 15, 2020.
June 15th Payments
The June 15th, 2nd quarter 2020 estimated payments due date has not been extended.
The American Institute of Certified Public Accounts (AICPA) is providing updates relating to how each state is handling state income taxes. This link is to the AICPA’s most recent summary (updated March 20th): AIPCA State Tax Updates. We know the state of Maryland is following the Federal guidelines above.
Please contact your CPA or tax preparer for advice specific to your circumstances.