LUTZ BUSINESS INSIGHTS
u.s. tax filing deadline extended to july 15th
Acting on President Donald Trump’s direction, Secretary Steven Mnuchin announced that the April 15th tax filing deadline will be extended to July 15th. This gives all taxpayers and businesses three extra months to file and make payments without interest or penalties.
This extension applies to federal income tax only. It is up to each state to declare their individual state income tax deadlines.
- Nebraska has extended both filing and payment deadlines to July 15th but has stated that there is no extension on 2020 estimated payments.
- Iowa has extended both filing and payment deadlines to July 31st but has stated that there is no extension on 2020 estimated payments.
The tax payment extension applies to federal tax due with 2019 tax returns, plus 2020 first-quarter tax payments for an aggregate amount due of up to $1 million for individuals and trusts ($10 million for C corporations). Any tax due in excess of these aggregate amounts is due on the normal due date and is not extended.
We are monitoring the situation closely and will send communication as updates arise. Please note, we are recommending you file by April 15th if you are able and/or expecting a refund. If you opt to defer your tax payments until July 15th, we still recommend you file before April 15th, and pay the tax by July 15th.
Please see the below links to the IRS website with more detailed guidance:
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