Treasury Secretary Steven Mnuchin announced today that there will be additional time to file and make payments without interest or penalties today. In response to coronavirus concerns, the tax filing deadline for individuals and businesses has been moved out 90 days, to mirror the new tax payment deadline of July 15, 2020. While it is unclear at this time how or if the deadline shift will impact any other tax types (trusts, estates, and fiscal year filers, for example), K·Coe is closely monitoring updates and will communicate official guidance when it is released.
Both accountants and tax preparers around the country had been frustrated by the delay to move the April 15 filing deadline, as it was causing confusion and consternation for filers and tax professionals.
K·Coe Isom will continue to provide information on impacts and guidelines for tax returns. Should you have immediate questions, contact a K·Coe tax advisor.