Tax Deadline for Individual Filings and Payments Extended to July 15
March 20, 2020
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.
Tax Payments Extended to July 15
March 18, 2020
Yesterday, Treasury Secretary Steve Mnuchin announced a series of tax relief measures to assist taxpayers and tax preparers during the COVID-19 pandemic. These relief measures include an extra 90 days to pay the IRS if individuals or small businesses owe income tax (except for taxpayers owing more than $1,000,000 for individuals and $10,000,000 for businesses) for 2019. Tax payments will now be due on July 15, 2020, with no additional interest or penalties. Likewise in Maryland, no interest or penalty for late payments will be imposed if 2019 tax payments are made by July 15, 2020. Virginia has not released any additional information at this time.
This is in addition to Maryland extending the filing and paying of the following taxes to June 1, 2020:
- Sales and use tax
- Withholding tax
- Admissions and amusement tax
- Alcohol, tobacco and motor fuel excise taxes
- Tire recycling fee
- Bay restoration fee returns
The Maryland extension is designed to help businesses with cash flow during this time.
Our goal through these difficult times is to ensure the health and safety of our staff and to complete client engagements with the same level of timeliness and thoroughness that our clients are accustomed to.
In order to accomplish these goals, our plan is work on the premise that the filing deadline is July 15, 2020. We will be prioritizing clients who are expected to receive tax refunds or clients that still are faced with the April 15 payment.
We appreciate the trust you place in our firm and our team, and for your patience in the next few months as we navigate this evolving situation.
Our Initial Statement on COVID-19
March 13, 2020
This is indeed a challenging time for families and businesses. First and foremost, we are committed to multiple priorities at this time:
- The health and wellbeing of our staff, their families, and our clients
- Completion of our clients’ tax returns, audits and other engagements
While these are commitments that we always uphold as part of our core values as a firm, we are, like so many Maryland and Virginia businesses, putting our contingency plan into action given the evolving COVID-19 situation.
We are taking the following actions, effective Monday, March 16:
- We have in place the ability for most of our staff to work remotely. We have always allowed our staff to work remotely and are now, of course, allowing even more liberty to work remotely.
- Our team will not be required to visit client sites during the remainder of this emergency.
All members of our professional staff have the ability to work remotely in a secure technology environment, thanks to measures our IT team put into place. Our firm has robust technology tools in place, including measures to transmit sensitive information securely, video conferencing, instant messaging and screen sharing. The ways you can reach us will not change. You can continue to call and email us as you normally do.
One-on-one, in-person communication between our professionals and clients has always been an important part of the client experience at Gross Mendelsohn. We will assess on a case-by-case basis whether meeting in person, by video conference or by phone is most appropriate.
The bottom line: we are not “shutting down.” You have our commitment that as always, we are working toward completing client engagements with the same level of timeliness and thoroughness that our clients are accustomed to.
We appreciate the trust you place in our firm and our team.