As part of the Coronavirus response, the Treasury announced this afternoon that the federal individual income tax due date will be delayed by 90 days to July 15, 2020. This could mean that individual taxpayers can delay filing and paying their income taxes on up to $1 million owed, according to Treasury Secretary Steven Mnuchin, without being subject to interest or penalties.

Corporate taxpayers are expected to also be granted 90 days to file their tax returns and to pay up to $10 million in federal taxes owed.

What now?

As we await actual guidance from the IRS on this delay, we encourage those individuals and corporations that can go ahead and file their 2019 federal income tax return to proceed as if this delay is not in place, especially if you are positioned to receive a tax refund.

Some states have also announced filing extensions, an updated list of state actions is available from the AICPA here.

We will provide additional updates and details as they are made available. If you have any immediate questions, please reach out to your Aprio Relationship Partner.

Any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or under any state or local tax law or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Please do not hesitate to contact us if you have any questions regarding this matter.