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APRIL 15 Tax Deadline Has Been Extended

Earlier today, Treasury Secretary Steve Mnuchin announced that the tax filing and payment deadline will be moved from April 15, 2020 to July 15, 2020. All taxpayers with an April 15, 2020 filing due date will now be able to delay filing until July 15, 2020. The Internal Revenue Department is still encouraging taxpayers who are expecting a tax refund to file now, in order to obtain their refund. In guidance provided in Notice 2020-18 taxpayers are permitted an unlimited tax payment deferral as well as a deferral of time to file. Previous guidance indicated that Individuals with tax due of up to $1 million and corporations with tax due up to $10 million would be permitted this deferral, these thresholds no longer apply. Every taxpayer is permitted a filing and payment extension until July 15, 2020. Notice 2020-18 takes the place of all prior guidance provided. We expect most states to follow the federal mandate. More information to come.

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About the Author(s)

Amy Dalen, JD
Amy L. Dalen, JD is a Principal and Tax Advisory Group Chair at HBK CPAs & Consultants and provides support services for the CPAs in all HBK offices.

She is a member of the HBK Tax Advisory Group, specializing in estate, gift, trust, and individual taxation. As a member of the Tax Advisory Group, Ms. Dalen researches complicated tax issues, provides compliance reviews for tax returns and trust accountings, and analyzes and plans for the estates of high net worth individuals. She works closely with the other professionals of HBK, their clients, and the attorneys and other professionals that make up the client’s team of advisors.

Cassandra Baubie, JD
Cassandra Baubie is an Associate at HBK CPAs & Consultants and is a member of its Tax Advisory Group (TAG). Cassandra joined HBK in 2017. She works in the firm’s Youngstown, Ohio office. She has experience in tax law research and writing.

Hill, Barth & King LLC has prepared this material for informational purposes only. Any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or under any state or local tax law or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Please do not hesitate to contact us if you have any questions regarding the matter.

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