July 15th is the New Tax Day

It has been hard to distinguish the chatter and recommendations for the actual law. Earlier this week Treasury Secretary Mnuchin implied that there would be a 90-day tax filing and payment extension from the April 15th deadline. He said, “just file your taxes. you will automatically not get charged interest and penalties.” The next day, the IRS issued Notice 2020-17 announcing a payment extension until July 15, 2020, but not a filing extension.

Today Mnuchin tweeted that the extension to July 15, 2020 would be a filing and a payment extension. He stated as follows: “at the President'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 are not sure how the IRS will interpret this statement. Will it eliminate the $1 million and $10 million thresholds in the IRS Notice? Will it include the April 15th estimated tax payment in the filing extension? Bottom line is we won't know the answers until the IRS issues guidance. Hopefully we'll know sooner than later.

With all the minute-by-minute changes please note that we are working feverishly to keep you abreast of the changes - be sure to read the client alerts before emailing to ensure you are including the most up to date information.

Together, we can get through this.

Please feel free to contact Crystal Wampler and Amit Chandel at 562-281-1040 or via email at [email protected] for any questions regarding this alert, or any of our posts.

Good thoughts for you and your loved ones.

Crystal Wampler & Amit Chandel