Additional Information Regarding Extended Tax Filing and Payment Deadline

Recently the IRS released additional information regarding the extended tax filing and payment deadline. Read the entire announcement from the IRS here. Also, additional information can be seen in an AICPA article found here.

Key takeways from the articles:
– Federal tax filing and payment deadline was moved from April 15 to July 15, 2020 for all taxpayers, regardless of tax owed. The extension is automatic, and no extensions are required to be filed.
– This updated deadline applies to individuals, trusts and estates, partnerships, corporations, and other non-corporate tax filers as well as those who payment self-employment tax.
– There is no limit to the amount of tax owe that can be extended to July 15. The initial extension announcement allowed all tax payments less that $1 million for individuals and $10 million for corporations to be postponed. Friday’s announcement supersedes the previous announcement and removes the limitation on the tax that can be postponed.
– At this point, this extension is for Federal returns only. [BRSW expects state and local tax authorities to follow the updated Federal deadlines, but we do not have information at this time to confirm that].

We will continue to post updates we feel are relevant to our clients as we learn more about this situation.

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