On Friday, March 20, the US Secretary of the Treasury, Steve Mnuchin, announced that the federal tax filing deadline would also be extended to July 15. Earlier in the week, the Secretary of the Treasury had provided an extension to the payment deadline but reiterated that the filing deadline would remain at April 15. This is no longer the case as of Friday morning as the filing and payment deadline have now both been extended to July 15, 2020.
It should be noted, however, this filing extension only applies to federal tax filings. State tax requirements remain the mandate of each individual state. For example, California has extended their filing and payment deadline to July 15, while New York and Illinois have yet to change their state filing dates from April 15. It will be interesting to see if a majority of states will follow the lead of the federal government. If this does not occur, it will be imperative for taxpayers and their advisors to ensure they are meeting state deadlines in order to avoid the possibility of interest and penalty charges.
We will provide further updates on this fluid situation as they arise.
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