In the latest turn of events, we now have confirmation from the Treasury Secretary that the IRS will be extending the federal tax filing deadline from April 15, 2020 to July 15, 2020 at the direction of the President.
This means that the deadline for both tax returns and payments due will be deferred without interest or penalties for individual and business taxpayers. It will not be necessary to file for an extension if you plan to file by July 15, 2020, but we encourage you not to wait if you are due a refund and could benefit from the additional cash during these challenging times.
Many states, including New York and New Jersey, have indicated they would comply with any federal deadline delays and defer their state filing deadlines accordingly. We will keep you updated as announcements are made.
As Grassi professionals continue to monitor Coronavirus-related issues that affect you and your business, please consult our Coronavirus Resources page for ongoing guidance.