April 15th Tax Filing Deadline Extended

[Eric Shadowens]

The April 15th due date for filing and paying taxes has been automatically extended 90 days.

Individuals can defer up to $1 million of tax liability and corporations get an extension on up to $10 million. Late filing or late paying penalties and interest will not be charged and no extension filing is required for the 90 day extension period.

Though tax season has been extended I would highly encourage all businesses and individuals to have their returns complete by the normal due date.

You will then have an idea of what your tax liability may look like and will have an additional 90 days to make your payment.

In most cases states follow federal filing requirements. Therefore, they will likely be extended for at least the 90 day period.

Please see the link in the comment section below to an AICPA website that is tracking state tax filing relief for additional info.

Stay safe!

https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf