During last night’s Oval Office address, President Trump announced that he has instructed the Treasury department and the IRS to extend the April 15, 2020 federal tax deadline for taxpayers who are negatively impacted by the effects of the coronavirus. The extension is only for this year, and would impact many individual taxpayers and businesses.
The president said that the delay would allow individuals to make tax payments beyond the April 15 deadline. The IRS would waive interest payments or other penalties for missing the deadline.
The president did not state a date to which taxpayers will be allowed to delay their tax filings, but it is expected to be between June 15 and October 15. There is also no definitive guidance at this time about any thresholds that would be used to determine exactly which taxpayers would be impacted.
Kreischer Miller is actively monitoring this fluid situation and we will keep you informed as more information becomes available. In the meantime, we would encourage you to continue working on your tax filings with your Kreischer Miller tax professional. Despite the potential filing due date extension, the Kreischer Miller team is continuing to work diligently as if this extension will not occur, as we do not know how much additional time will be granted or who, specifically, will be impacted. It is still a good idea to do as much as possible before April 15.
If you have any questions about this or any other tax matters, please do not hesitate to contact our Tax Strategies team.
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