Yesterday, we posted a blog announcing that the tax payment deadline for 2019 returns was extended 90 days. Today, we received clarification from the U.S. Department of Treasury on the following:
- The deadline to file your 2019 taxes remains April 15, 2020.
- The deadline to pay both 2019 taxes owed and 2020 estimated tax payments (1st and 2nd quarter) is July 15, 2020
You can read Notice 2020-17 in full HERE.
- The extension applies to individual taxpayers on up to $1 million of taxes owed.
- The extension applies to corporate taxpayers on up to $10 million of taxes owed.
- No interest and no penalties will be assessed on taxes within the above parameters that are deferred and not paid during this 90-day extension.
We will keep you posted if further updates or changes are issued. For now, we recommend that you stay on course to file your 2019 return by the April 15th deadline, especially if you expect to receive a refund.
For those of you who expect to owe taxes for 2019, our tax team will be in contact with you very soon to discuss these changes as they pertain to your respective tax situations.
As always, please feel free to contact us at (602) 776-6300 if you have any questions or concerns.