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

[Kory Reynolds]

Originally posted by @Natalie Kolodij:

This post is some click bait nonsense. 

NOTHING is final yet. The AICPA is just trying to keep us informed. 

Also, to the best of my knowledge they're only looking at extending the payments for no peanlty, not the acutal filing deadline. 

But until something is actually finalized and signed- I'm not telling people that at this point. 

So lets all assume the penalties that come with paying after 4/15 are still there until it's actually formally signed. 

 This isn't in reference to the AICPA communications over the last several days - the Treasury Secretary announced in a press conference today that there will be an extension of time to pay (not file) for a specific set of 4/15 taxpayers, but I agree we need the details. This is not something that requires congressional approval, so the announcement today carries significant weight. I certainly would recommend to anyone to at least get your return together, and don't spend that money yet, but I also wouldn't call this click bait.