On March 21, 2020, the Treasury Department and IRS announced that Tax Day is being extended from April 15 to July 15, 2020. All individual, trust and corporate calendar year 2019 income tax returns and tax payments normally due April 15 are now due July 15, 2020. Taxpayers may also defer 2020 estimated tax payments due April 15 to July 15, 2020. The extension is automatic and you do not need to file any additional forms to qualify. There is no cap on the amount of tax that a taxpayer may defer to July 15.
If you are due a refund, it is recommended that you file as soon as possible. The IRS should be able to issue a refund within 21 days.
We are closely monitoring various state’s deadline extensions, certain states important to our clients have already announced adherence to the change in the Federal tax deadline - e.g. Colorado, California and New York.
Reese Henry will be working with each of our clients to assist in planning for and complying with the applicable tax deadlines. Please contact us if you have any questions.