Update March 21, 2020:
The IRS released Notice 2020-18 on the evening of March 20, 2020 and I have a new post about that notice. Notice 2020-18 extends the time to file and to pay your taxes from April 15, 2020 until July 15, 2020.
The New York Times and Wall Street Journal are reporting today, Wednesday, March 11, 2020, that the Treasury Department is considering delaying tax payments and tax returns due on April 15, 2020.
The IRS has the authority to extend the deadline or waive penalties and interest for late payments to give taxpayers and IRS workers relief from the fallout the Coronavirus is having on US society.
I’m sure we’ll hear more about this as the virus expands exponentially throughout the country. Remember that even if the deadline is not formally extended, the IRS has the authority to offer relief from penalty and interest due to “reasonable cause” and if a taxpayer or tax professional is impacted by the virus, it is likely this would apply.
As always, the best defense is a strong offense, so follow health care advice from professionals to stay healthy. You can get more information from the Centers for Disease Control and Prevention’s website.
Read more
New York Times: https://www.nytimes.com/2020/03/11/us/politics/treasury-irs-delay-tax-day-coronavirus.html
Wall Street Journal: https://www.wsj.com/articles/u-s-treasury-likely-to-push-back-april-15-tax-filing-deadline-sources-11583897351?mod=hp_lead_pos5
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