On March 20, U.S. Treasury Secretary Steven Mnuchin announced a 90-day extension for federal income tax filing on Twitter, to match the extended payment deferral made earlier in the week. The Secretary stated that â€œall taxpayers and businesses will have this additional time to file and make payments without interest or penalties.â€ Set your calendar for July 15.
Mnuchin also encouraged taxpayers who may be expecting a refund to file quickly, ideally by the original April 15 deadline. The decision gives all taxpayers a buffer to finish their tax returns, taking into account the fact that most accounting firms are closed and staff are working remotely.
The delaying of Tax Day by the IRS comes as part of several considerable efforts by the government to lessen the impact of the COVID-19 crisis on the U.S. economy.
The REDW Tax team is closely monitoring all federal and state law updates and stands ready to work with you proactively. We urge you to contact your tax manager directly to discuss a revised timeline that best fits your unique circumstances. While our physical offices are operating with minimal personnel, our robust technology infrastructure allows us to virtually maintain the service that is as close as possible to what you have come to expect from us.
REDW is committed to keeping you informed at all times, but especially during a crisis of the magnitude of the COVID-19 pandemic.Â Stay connected with us on LinkedIn and @REDWLLC. Or check out some of our other updates here.