Earlier this week, Treasury Secretary Steve Mnuchin delayed the deadline for individual tax payments by 90 days, moving the deadline to July 15 from April 15, when individual tax returns are normally due.
Today Secretary Mnuchin took to Twitter to announce that the deadline for individual income tax filings has been extended to July 15, 2020.
Today’s announcement means that both payments (if money is owed) and filings are due on July 15.
This is a bright spot of news for taxpayers amidst daily coronavirus fears and uncertainty. Now, both business and individual taxpayers get additional time to file and make tax payments without incurring interest or penalties.
These actions come as a result of the government’s effort to mitigate economic disruption associated with the fluid COVID-19 situation.
We’re watching developments on the state front as well. As usual, Maryland is following suit with federal developments, but that’s not the case in Virginia.
Maryland Comptroller Peter Franchot released a statement on March 20 with several important notes:
Virginia state income tax returns are due on May 1 as usual. However, the commonwealth is granting a one-month extension for payment of both individual and corporate income taxes. Those payments are now due June 1.
Contact us here or call 800.899.4623. If you’re among the millions of Americans who have already filed your 2019 tax returns, the deadline extension will have no effect on you.
Published on March 20, 2020