New IRS Guidance Regarding Tax Due Date Change

3/21/2020 - By David Uslan, CPA

Updated 3/24/2020 - April 15th filing and payment deadlines extended until July 15th. On Friday, March 20th, the U.S. Treasury Department issued Notice 2020-18 postponing the due date of federal income tax returns from April 15, 2020 to July 15, 2020.

This includes 1st quarter estimated tax payments due April 15, 2020, which are also now due July 15, 2020.

There is also no longer a cap on the payment amount that can be postponed. The cap was previously set at $1,000,000 for individuals and $10,000,000 for corporations.

There is still no guidance related to estimated tax payments due on June 15, 2020. So as of now, they are still due on June 15, 2020.

The relief granted by the notice referenced above is limited to federal income taxes only.

Please contact your Saltmarsh tax advisor for the latest regarding the status of any state filing/payment relief.

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If you have questions or would like additional information, please contact your Saltmarsh tax advisor or call (800) 477-7458.

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