Tax Filing Deadline Moved to July 15th Amid Coronavirus Concerns Announces Treasury Secretary MnuchinMarch 20, 2020
Individuals and businesses now have until July 15 to get their tax returns filed and get their tax payments in…but don’t wait until the last minute.
Secretary Mnuchin has announced an extension for the April 15th filing deadline by 90 days, in the latest series of emergency measures to deal with the impact of the global coronavirus pandemic. This comes only a few days after the tax payment deadline was extended, with some limitations, also to July 15. Our blog, IRS Extends Tax Payment Deadline by 90 Days Due to Coronavirus has the details on that.
More about the filing extension
All taxpayers and businesses will have until July 15 to file their tax returns and pay taxes owed, without any interest or penalties. Tax payment deferral caps are gone as of March 20, 2020. Previously, individuals could only defer tax payments up to $1 million, and large corporations up to $10 million.
How will this impact refunds?
Secretary Mnuchin has urged taxpayers who think they might receive refunds this season to “file now to get your money”. It is wise to file sooner rather than later.