San Francisco Tax Preparation / CPA: Trump Administration Extends 2020 Tax Filing Season Through July 15
“At President Trump’s direction, we are moving Tax Day from April 15 to July 15,” Treasury Secretary Steven Mnuchin said in a March 20 tweet. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
The Treasury and IRS officially announced the extension on March 21 (IR-2020-58; more details can be found in Notice 2020-18).
The move to extend this year’s tax filing deadline to July 15 follows the IRS’s formal announcement that certain 2019 tax year payments could be deferred without interest or penalties (see “Due Date for Federal Income Tax Payments Extended to July 15” in this Issue).
File as Usual if a Refund is Expected
“Working with our members, state societies, and tax professionals everywhere, AICPA scored a victory in the extension of the tax filing deadline to July 15, 2020,” the American Institute of CPAs (AICPA) said in a March 20 tweet. However, the AICPA noted that it still encourages taxpayers to file their returns as soon as possible so that refunds can stimulate the economy.
“The AICPA understands the need for economic stimulus and, if possible, those who can file and get refunds should do so now,” AICPA president and CEO Barry Melancon said in a statement.
Similarly, Mnuchin also encouraged taxpayers to file their returns, if possible. “While I still encourage taxpayers who expect to get a refund to file their taxes, this deadline extension will give everyone maximum flexibility to do what is best for them.”
See Tax Filing and Tax Payment Relief for Coronavirus/COVID-19 Pandemic for a summary of filing and payment delays allowed by the federal and state governments.