top of page

Tax Day Moved to July 15

The Treasury Department and the IRS issued new guidance related to federal tax payments and coronavirus disease 2019 (COVID-19).

According to the guidance, “all individual and other non-corporate tax filers” can defer federal tax payments of up to $1 million until July 15, 2020, (normally April 15) without interest or penalties. Corporations have a similar deferment option of up to $10 million.

Treasury Secretary Steven Mnuchin said the tax filing deadline would also move to July 15, giving Americans three more months than the original deadline. He stressed that individuals should file sooner rather than later if they wished to see a tax return in a timely fashion.

The administration says this guidance will result in nearly $300 billion of additional liquidity in the economy.

13 views0 comments

Recent Posts

See All

1. What is taxable income? This includes wages, salaries, tips, commissions, business income, rents, dividends, alimony, capital gains, IRA distributions, unemployment benefits, and Social Security be

What kinds of deductions can I take? IRS 2018 Deductions: Work Related Deductions Deductible Business Expenses Standard Mileage Rates Home Office Business Use of a Car Business Travel Expenses Bad Deb

bottom of page