Treasury Secretary Steven Mnuchin announced Friday, March 20th, 2020 that the IRS will extend the federal tax filing deadline to July 15th. This action does the following:

  • Automatically postpones the filing due date of Federal income tax returns, due April 15, 2020, to July 15, 2020;
  • Automatically postpones the payment due date of Federal income tax payments (including self-employment tax), due April 15, 2020, to July 15, 2020;
  • Provides that there is no limitation on the amount that may be postponed (previously it was limited to $1M);
  • Applies to individuals, trusts, estates, partnerships, associations, companies, or corporations;
  •  Applies to 2019 balances due and 2020 first quarter estimated tax payments;
  • No form for automatic extension of time to file is required;
  • Q2 2020 estimates will still be due June 15, 2020 (due before Q1.)
  • The IRS released the following FAQ on the federal extension

Massachusetts and other State Filing Deadlines

Several states have also modified payment and filing deadlines and more are expected to follow suit. At this time we have not received notice from the MA Department of Revenue on any deadline extension, thus we are still approaching April 15th as the MA state tax deadline. ALL will continue to monitor developments and inform you on any changes or clarifications. For more state tax developments related to the coronavirus outbreak, see the AICPA list here.

If you have any questions on the deadline extension please contact your ALL tax advisor or call us at 617-738-5200.

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