On Friday, March 20, 2020, Treasury Secretary Steven Mnuchin announced on Twitter “At President Donald Trump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.” This announcement follows IRS Notice 2020-17 which was issued on March 18th that provided taxpayer relief by deferring certain April 15th income tax payments until July 15th.
Barry Melancon, AICPA president and CEO, thanked Treasury Secretary Mnuchin for listening to taxpayers and the accounting profession, “The coronavirus pandemic has made it increasingly difficult for taxpayers and tax advisers to file on time and in a safe manner and this relief is helpful.”
While certain states have similarly extended their filing deadlines, neither Missouri nor Illinois have done so at this time. We are expecting that they will follow suit in the coming days.
As you probably know, even under these unprecedented circumstances, most of our amazing staff continues to serve clients remotely by working from home. Please continue to send us your tax information as you are able. We prefer to receive the information electronically, either through your portal or Leapfile (www.lopataflegel.com).
We continue to monitor this fast-moving environment, at both the federal and state levels and will communicate further developments as they occur.
As always, if you have questions or would like to discuss your specific situation, please contact your Lopata, Flegel service team directly.
Thank you for your business and friendship.