After already extending the due date for tax payments earlier this week to account for the COVID-19 emergency, Treasury Secretary Steven Mnuchin announced in a Tweet on Friday that the deadline for filing tax returns is also being delayed from April 15 to July 15.
“At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
He followed up with a Tweet encouraging “all taxpayers who may have tax refunds to file now to get your money.”
In a time of increased financial stress, heightened health concerns, and restrictions on movement, lawmakers and tax preparers alike had been pressuring Mnuchin to delay the tax filing deadline.
As of Wednesday, the Treasury Department and IRS had released guidance allowing individuals and corporations to delay tax payments (up to a certain level) from the usual April 15 to July 15. However, as of that time, the deadline to file had remained at April 15.
Professionals in the tax industry as well as lawmakers on both sides of the aisle made arguments that the filing deadline also needed to be extended to minimize confusion for taxpayers. Additionally, it ensures people who need or want tax preparation help have more time to figure out solutions for their situations.
This story is developing. Please check back on our blog regularly for updates.
Question about how this delay will affect you? Please feel free to contact our office virtually or via phone.