Tax Day Extended to July 15th!

Last week I shared with you Treasury’s and the IRS’ decision to extend the PAYMENT date for 2019 federal income taxes to July 15 as a result of COVID-19. This means payments for 2019 federal income taxes will be timely if paid by July 15, not the normal deadline of April 15. This also means penalties and interest will not begin to accrue until July 16, 2020 for 2019 federal income taxes. This past Friday Treasury Secretary Mnunchin tweeted that Tax Day, the day by which federal income tax forms must be filed to be avoid a late filing penalty, also has been extended to July 15 FOR BUSINESSES AND INDIVIDUALS. This means BOTH the FILING DEADLINE and the PAYMENT DEADLINE for 2019 federal income taxes are now July15, 2020. I will update this post as soon as the IRS issues an official announcement.