Friday, Treasury Secretary Steven Mnuchin announced that the IRS will be moving the income tax filing deadline from April 15th, 2020 to July 15th, 2020.
Saturday the IRS issued a news release confirming this here: https://www.irs.gov/newsroom/tax-day-now-july-15-treasury-irs-extend-filing-deadline-and-federal-tax-payments-regardless-of-amount-owed
This applies to all tax returns, and also extends the payment deadline to July 15th. There is no extension to file, all penalties and interest will be waived during this period. If you need more time to file past July 15th you should file an extension. Note: filing an extension will not extend payment deadline past the current July 15th payment deadline, only the filing deadline.
Guidance is vague at the moment for people that pay estimated tax payments (the first of which is due April 15th). We have heard mixed information regarding estimated tax payment due dates being extended, and have no official word that they are. Clients may need to plan on paying their April 15th payment unless we get official word otherwise.
STATE TAXING AUTHORITIES DEADLINES
For our Oregon clients: Oregon generally follows Federal guidelines for taxes. We expect a statement from the Department of Revenue shortly, but as of today they have yet to issue a statement regarding payment and filing extension policy mimicking the Federal announcement.
For our California clients: California has extended tax payments and filing as follows:
This relief includes moving the various tax filing and payment deadlines that occur on March 15, 2020, through June 15, 2020, to June 15, 2020. This includes:
- Partnerships and LLCs who are taxed as partnerships whose tax returns are due on March 15 now have a 90-day extension to file and pay by June 15.
- Individual filers whose tax returns are due on April 15 now have a 60-day extension to file and pay by June 15.
- Quarterly estimated tax payments due on April 15 now have a 60-day extension to pay by June 15.
For our clients from all other states: Currently there is no consensus between the States on whether they are going to match the Federal filing extension for payment and filing. We are directing all our out of state clients to check their state taxing authority website for current information.