U.S. Treasury Secretary announces on Twitter
|This morning, U.S. Treasury Secretary Steven Mnuchin announced via Twitter: “At @realDonaldTrump’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.”|
We expect the IRS will issue official guidance today or Monday, officially extending the deadline.
As we noted in yesterday’s TAXPRO Weekly, individuals and small businesses can also delay paying any federal income tax payments up to $1 million and $10 million, respectively, until July 15, 2020. At this time, we don’t know if the IRS will increase the tax payment limitations.