Update: IRS Moves Tax Filing Deadline to July 15, 2020 in Light of Coronavirus Pandemic
Breaking: March 20, 2020
In today’s White House Covid-19 press briefing, it was announced that American taxpayers now have until July 15th to file their taxes without risking late filing penalties. Taxpayers are still encouraged to file ASAP if they are expecting a refund.
March 17, 2020 Announcement
Treasury Secretary Steve Mnuchin announced today that Americans who owe up to $1 million in taxes can have penalty and interest charges waived by the IRS for up to 90 days, Mnuchin encouraged Americans file their taxes by April 15. There is not yet a clear indication as to whether the IRS will officially extend the April 15th 2020 filing deadline as well.
“If you owe a payment to the IRS, you can defer up to $1 million as an individual — and the reason we are doing $1 million is because that covers pass-throughs and small businesses — and $10 million for corporations, interest-free and penalty-free for 90 days. All you have to do is file your taxes,” said Mnuchin.
Mnuchin went on to say, “We encourage those Americans who can file later taxes to continue to file their taxes because you will get tax refunds and we don’t want you to lose out. Many people do this electronically which is easy for them and the IRS.”
Time for a Consultation
With the recent Stock Market panic and sell off, investors may be prone to making decisions that can have serious consequences to their financial well being and to their tax bill. We’re here to help you wade through the information and disinformation to make informed and careful decisions. Click here to book a consultation online.
Topics we have been discussing with clients include:
- Tax Loss Harvesting
- The Wash Sale Rule
- Dollar Cost Averaging
- Financial Plan Review
- Cash Position Review
- Real Estate Investment Review
- Preparing your personal finances for a possible recession
Watch this space for breaking tax information as it develops!