Treasury Secretary Mnuchin has announced that Tax Day will be moved from April 15, 2020 until July 15, 2020. As UHY previously reported, the IRS had announced the deferral until July 15, 2020 of tax payments due on April 15, 2020 of up to $10,000,0000 for corporations and $1,000,000 for all other taxpayers, but did not delay the requirement to file a return or extension. The IRS and Treasury were under pressure to also delay the requirement to file returns until July 15, 2020 by many sources, including Congress which was introducing legislation to delay the filing date.
Additional guidance will be required from the IRS. While it is unclear based on the announcement, it would appear that the deferred payment rules may be irrelevant for tax returns which are now due July 15, 2020. The announcement also did not address if there would be an impact on the payment of first quarter estimates that are due on April 15, 2020 or if the deferral rules would still apply to quarterly estimates.
This announcement does not directly pertain to state and local jurisdictions. We will monitor state and local governments to see how they react.