{"id":62,"date":"2020-03-20T13:04:21","date_gmt":"2020-03-20T13:04:21","guid":{"rendered":"https:\/\/irs-extension.com\/blog\/?p=62"},"modified":"2020-03-20T13:04:21","modified_gmt":"2020-03-20T13:04:21","slug":"irs-announces-important-changes-to-tax-deadlines-in-light-of-covid-19","status":"publish","type":"post","link":"https:\/\/blog.irs-extension.com\/?p=62","title":{"rendered":"IRS Announces Important Changes to Tax Deadlines in light of COVID-19"},"content":{"rendered":"<ul>\n<li>Individual &amp; non-corporate filers can defer federal income tax by 90 days, up to July 15,2020<\/li>\n<li><strong>The April 15th deadline to submit tax returns has not changed,<\/strong>\u00a0unless you\u00a0<a href=\"https:\/\/irs-extension.com\/?utm_source=Post&amp;utm_medium=Blog&amp;utm_campaign=Covid-19&amp;src=blog\"><strong><em>request an extension<\/em><\/strong><\/a>.<\/li>\n<\/ul>\n<p>If you are anything like us, we have been watching the news very carefully trying to follow along with the information regarding the April 15th, 2020 tax deadline. With many partial stories of what is being done, there been a lot of misinformation provided.<\/p>\n<p>As of yesterday, March 18th, 2020 we have received official confirmation from the Department of Treasury (who run the IRS) that there will be changes made in regards to the Federal tax deadline. The most important thing to note is that the current Federal tax\u00a0<strong>filing<\/strong>\u00a0deadline\u00a0<strong>HAS NOT CHANGED.<\/strong>\u00a0In order to receive more time to file your taxes you will still need to file a tax extension (Form 4868).<\/p>\n<p>The U.S. Treasury Department and Internal Revenue Service (IRS) issued guidance allowing<strong>\u00a0all individual<\/strong>\u00a0and\u00a0<strong>other non-corporate<\/strong>\u00a0tax filers to\u00a0<strong>defer up to $1 million<\/strong>\u00a0of federal income tax (including self-employment tax) payments due on April 15, 2020,\u00a0<strong>until July 15, 2020<\/strong>, without penalties or interest.\u00a0 The guidance also allows\u00a0<strong>corporate taxpayers<\/strong>\u00a0a similar deferment of\u00a0<strong>up to $10 million<\/strong>\u00a0of federal income tax payments that would be due on April 15, 2020,\u00a0<strong>until July 15, 2020<\/strong>, without penalties or interest.\u00a0 We can\u2019t stress enough that<strong>\u00a0this guidance does not change the April 15 filing deadline.<\/strong><\/p>\n<p>Additionally, Treasury Secretary Steven T. Mnuchin said \u201cAmericans should file their tax returns by April 15 because many will receive a refund.\u00a0 Those filing will be able to take advantage of their refunds sooner.\u00a0<strong>This deferment allows those who owe a payment to the IRS to defer the payment until July 15 without interest or penalties.\u00a0<\/strong>\u00a0Treasury and IRS are ensuring that hardworking Americans and businesses have additional liquidity for the next several months.\u201d<\/p>\n<p>The desired result is approximately $300 billion of additional capital in the US Economy during that three month time span. Check back in to the website below for additional updates.<\/p>\n<p>Visit\u00a0<strong><a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/sm948\"><em>https:\/\/home.treasury.gov\/news\/press-releases\/sm948<\/em><\/a>\u00a0<\/strong>for the entire story.<\/p>\n<p><a href=\"https:\/\/irs-extension.com\/?utm_source=Post&amp;utm_medium=Blog&amp;utm_campaign=Covid-19&amp;src=blog\"><img loading=\"lazy\" class=\"aligncenter size-full wp-image-63\" src=\"https:\/\/irs-extension.com\/blog\/wp-content\/uploads\/2020\/03\/Request-an-Extension-Button.png\" alt=\"\" width=\"255\" height=\"65\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Individual &amp; non-corporate filers can defer federal income tax by 90 days, up to July 15,2020 The April 15th deadline to submit tax returns has not changed,\u00a0unless you\u00a0request an extension. If you are anything like us, we have been watching the news very carefully trying to follow along with the information regarding the April 15th, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.irs-extension.com\/index.php?rest_route=\/wp\/v2\/posts\/62"}],"collection":[{"href":"https:\/\/blog.irs-extension.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.irs-extension.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.irs-extension.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.irs-extension.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62"}],"version-history":[{"count":2,"href":"https:\/\/blog.irs-extension.com\/index.php?rest_route=\/wp\/v2\/posts\/62\/revisions"}],"predecessor-version":[{"id":65,"href":"https:\/\/blog.irs-extension.com\/index.php?rest_route=\/wp\/v2\/posts\/62\/revisions\/65"}],"wp:attachment":[{"href":"https:\/\/blog.irs-extension.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.irs-extension.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.irs-extension.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}