Fed Tax Filings and Payments Postponed to July 15

The IRS is extending the federal income tax filing deadline from April 15th to July 15th as part of a growing effort to stem the financial pain from the coronavirus pandemic, Treasury Secretary Steven Mnuchin announced this morning.

This move gives you three additional months to file your income tax returns for the 2019 tax year, without incurring interest or penalties.

Per Mnuchin, “all taxpayers and businesses will have this additional time to file and make payments without interest or penalties,”.

Mnuchin urged taxpayers who might receive refunds this season “to file now to get your money.”

Some individual states already have extended their own tax filing deadlines to various dates to give people relief. The IRS will be increasing pressure on states to align their deadlines with the new one for federal income tax returns.

Here is a helpful link here that lets you know each states tax filing requirement.

New York Gov. Andrew Cuomo, asked at a press conference if state residents should pay their state income taxes by the New York deadline of April 15, said the new federal guideline should be followed.

It is not yet clear if the deadline extension also will include the deadline for funding Individual Retirement Accounts for the 2019 tax year.

We remain committed to providing you with the most up-to-date information as we know it.  As always, we are in this together with you.

Stay healthy,

WZ Partners