April 15th Tax Payment Deadline Extended for 90 Days

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At a press conference held earlier today Treasury Secretary, Steven Mnuchin, announced that the tax payment deadline will be delayed by 90 days. This postponement on payments pertains to federal returns and applies to individuals & corporations.


Even though tax payments have been postponed, the April 15th filing deadline has not been delayed. "We encourage those Americans who can file their taxes to continue to file their taxes on April 15," Mnuchin said.


As of the moment, the IRS has not yet issued formal guidance on the policy regarding the postponement. Once the full scope of this policy is available, we will be sending out an update with further details. 


State filing information is not currently updated for all states, including New York. For further information on State filing updates, check out the AICPA's (American Institute of CPAs) State Filing Guidance Page.
 

During this crisis, your LMC professional is available if you have questions related to the latest updates on this topic.   All our prior Alerts are available on the Updates page of our website.

 

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