The following is a brief summary of recent tax related regulatory and legislative developments related to the COVID-19 pandemic, as of April 3, 2020. Federal and state guidance and guidelines are being modified constantly, and so any of the information below may be subject to change.
Tax Filing and Compliance Modifications
The federal government and various state governments have modified filing and payment deadlines with respect to 2019 tax returns.
- Federal Deadlines:
- Federal income tax returns that would otherwise have been due on April 15, 2020 will now be due on July 15, 2020. The extension of time also applies to tax payments that otherwise would have been due between April 15 and July 15, and now are not due until July 15. Interest will not start to accrue on unpaid tax liabilities until July 16, 2020.
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By martha nahill frahm & Nathaniel Razza
April 5, 2020