This morning, the US Treasury Secretary stated on Twitter, “We are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.” Late Friday evening, Treasury released Notice 2020-18, providing more details.
What does this mean for you? Your individual or corporate tax return, normally due April 15, is not due until July 15. Payments due with your return will not accrue penalties or interest during this 90-day extension. This includes first quarter estimated payments. Unlike the previous payment only extension, there is no limit on the amount of payments that may be deferred from April 15 to July 15 without penalties or interest assessed.
What about States? We expect state guidance to be released in the coming days. Stay tuned for more developments.