UPDATED: April 10, 2020 - The IRS recently issued Notice 2020-23, which provided additional relief for tax filing and payment deadlines between April 1st, 2020 and July 15th, 2020. One of the most significant parts of the Notice is that 2nd quarter estimates, which were originally due June 15th, 2020, are now deferred to July 15th. This information is especially important for those who have already filed their return. Note that some other payment and filing deadlines have been extended as well.
ORIGINAL POST: March 23, 2020 - Following Treasury Secretary Steve Mnuchin’s announcement early Friday morning extending the tax deadline, the Treasury released Notice 2020-18 providing details on the deadline extension.
In summary, taxpayers now have until July 15, 2020 to file their taxes and make payments that would have normally been due April 15, 2020. This notice removes the limitations on the size of payments that were included in the previously announced payment extension (Notice 2020-17).We will continue to monitor the various states to determine if they will follow suit. Minnesota Governor Walz announced an intention to follow suit in his press conference on Friday, March 20, 2020, but clarified later that the state had not fully vetted the decision.
Taxpayers expecting refunds will still benefit by filing as soon as they are able. We will continue to monitor and provide additional details related to this year’s tax filing season as they become available.
Melissa Doumbia, CPP: April 24, 2024
On March 1, a district court judge ruled that the Corporate Transparency Act (CTA) is unconstitutional. However, his decision applied only to the...
Bookkeeping is strategically important for every business because financials form the foundation for daily operations and future planning....
Melissa Doumbia, CPP: March 13, 2024
In a decision issued March 1, 2024, U.S. District Court Judge Liles Burke ruled that the Corporate Transparency Act (CTA) is unconstitutional....
John Kammerer, CPA