On March 20, 2020, Treasury Secretary Mnuchin announced that the deadline for filing income tax returns for persons with returns due on April 15, 2020, has been moved to July 15, 2020. No action on the part of the tax filer is required. President Trump confirmed this change in the deadline during his press conference today. In addition, a similar provision is included in the Senate’s CARES Act, which was introduced to the Senate Finance Committee on March 19 and is currently working its way through the legislative process.
As of this time, the IRS has not published details regarding Treasury’s movement of the deadline. We believe this change in deadline applies to all applicable taxpayers with returns due on April 15, 2020. However, it is unclear whether the change is an extension or a change in the original due date. In certain circumstances — rare ones like contributions to IRAs — actions are required by the original due date.
Importantly, we believe it is in the best interest of our clients to continue to move deliberately towards completing tax returns as soon as possible. Considerations should be given for refunds, investor needs and other reporting that should not be delayed.
We will provide more information when the IRS issues guidance or when the CARES Act is signed into law.
Contact Tony Bakale at firstname.lastname@example.org or a member of your service team to discuss this topic further.
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Cohen & Company is not rendering legal, accounting or other professional advice. Information contained in this post is considered accurate as of the date of publishing. Any action taken based on information in this blog should be taken only after a detailed review of the specific facts, circumstances and current law.