Tax Payment & Filing Deadline Extended 90 Days
Last Tuesday, US Treasury Secretary Steven Mnuchin announced that the IRS will delay the April 15 tax payment deadline by 90 days. On Friday, he extended the filing deadline by 90 days as well. As of Monday, March 23, federal taxes must be filed and payment must be made by July 15, 2020. Those who anticipate a refund should still aim to file taxes as soon as possible in order to have their refund processed on time.
As of today, there have not been any overarching statements regarding state and local taxes, but many states are beginning to develop plans for taxpayer relief. Please be sure to check with your local municipality for more information. On Saturday, March 21, the PA Department of Revenue announced that Pennsylvania will follow the July 15 federal filing due date and waive penalties and interest through that deadline. For all other states, please refer to the the AICPA's State Tax Filing Guidance for Coronavirus Pandemic (as of March 20, IA, CA, IN, MD, CT, SC, WA, OR, NYC, NY, and Puerto Rico have made revisions to their state tax deadlines).
We will continue to monitor these developments and provide updates moving forward.