April 15th Tax Payments and Filings Postponed for Most Americans!

Federal Tax Deadline Change!

In response to the coronavirus, Treasury Secretary Steven Mnuchin announced today that taxpayers will get a three-month reprieve to pay their 2019 taxes. This covers both individuals and corporations.

For individuals, this reprieve is valid for income taxes on up to $1 million owed in tax.

For corporations, this reprieve is valid for corporate income taxes on up to $10 million owed in tax.

According to Secretary Mnuchin, this deferral period will allow taxpayers to hold off on their tax payments without being subject to interest and penalties. This effectively has pushed back the deadline for 2019 tax returns and taxes owed to July 15, 2020.

How Does This Impact You?

Taxpayers should still plan to file their tax returns as soon as possible. If you are due a refund, you can certainly use it in times like these!

Provide your tax preparer with all of the data necessary to file. Allow the tax preparer to determine what your tax liability is for the year or the amount of money you are due as a refund. After the analysis is complete, the decision can be made. It’s quite simple. File the return if you are due a refund and hold off on filing or payment if you owe money.

State Tax Deadlines

Your state’s position may be different than the federal government’s. Some states have already delayed the filing and payment deadline, while others have not.

The AICPA is keeping track of this here.

Crypto Tax Help

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