April 15 federal tax filing deadline moved to July 15
The U.S. Treasury has announced that the federal tax filing deadline would be moved from April 15th to July 15th. All returns due on April 15th will receive an automatic extension of time to file until July 15th. Taxpayers do not need to file Forms 4868 or 7004.
The U.S. Treasury has also announced that the payment deadline would be moved from April 15th to July 15th for affected taxpayers. There is no dollar limitation on the amount of payment that can be postponed.
The IRS since released Notice 2020-18 (download) providing guidance on the aforementioned automatic extended due date and deferral of tax payments until July 15th.
Please know that this extension only applies to federal income tax forms and payments. Individual States will need to issue their own guidance if they are planning on extending returns and payment due dates as well. Some states have already extended their filing and payment deadlines. Please check with your state websites or with your accountant.
Smoak, Davis & Nixon LLP is committed to our clients and continues to work on returns as we receive information. Should you wish to discuss the potential effect of Notice 2020-18 with respect to your individual tax situation, please contact us.