IRS Moves Tax Day to July 15, 2020

Treasury Secretary Steven Mnuchin announced today that the Treasury Department will extend the April 15, 2020 tax filing deadline to July 15, 2020. Mnuchin said, “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”

PLEASE NOTE: We will continue our “business as usual” approach. Most of our clients typically file extensions each year and those returns are completed between April 15th and October 15th. Without a delay to the final filing deadline, we cannot guarantee that we will complete all tax work ahead of the October 15th deadline later this year without doing what we can now and not waiting for three months. Once your tax return is completed, we can assist you in planning how and when to make any tax payment related to your 2019 tax return. Tax refunds will not be delayed as a result of this change, so if you have a refund coming we will prioritize those returns.

WHAT DOES THIS MEAN FOR 2020 ESTIMATED TAX PAYMENTS? The Treasury Department included the 2020 first quarter estimated tax payment due on April 15, 2020 with the deferred due date. As of this moment, withholding and all other 2020 estimated tax payments should continue to be made on schedule. The due dates for 2020 estimated tax payments are as follows:

Q1 – April 15, 2020 – deferred until July 15, 2020

Q2 – June 15, 2020 – waiting for guidance

Q3 – September 15, 2020

Q4 – January 15, 2021

Please let us know if you have any questions or would like to discuss your filing and payment options with us at Wheeler Fairman & Kelley. We are here to assist you every year and especially during these challenging times.