On March 18, 2020, the IRS released Notice 2020-17, addressing the April 15 tax deadline in connection with the Coronavirus Emergency Declaration. Taxpayers will generally be allowed to defer tax filing and tax payments due on April 15, 2020, until July 15, 2020. You can read the official release here.
Who Can Defer Tax Filing and Payments?
- Individuals and married taxpayers filing joint returns who expect to owe $1 million or less when filing 2019 form 1040
- Corporations owing $10 million or less on form 1120
- Penalties and interest will be waived for deferred payments that are made by July 15
Have State Tax Deadlines changed?
- No delay on the April 15 state income tax payment date has been announced by the Minnesota Department of Revenue
- IRS move will increase pressure on states to align with the new date for federal income tax returns
LPWM LLC does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisers.