This article was updated on March 23 and includes updated information from the latest IRS announcement.
On Friday, March 20, the IRS announced that it has extended the deadline to both file taxes and pay taxes to July 15, 2020. As it stands now, individual taxpayers have until July 15, 2020 to both file and pay their taxes. 2020 first quarter estimated tax payments have also been extended to July 15, 2020 as well. Worth noting though is that 2020 second quarter estimated tax payments are still due on June 15, 2020. The delay is intended to provide relief to individuals and business owners as they adjust to changes in consumer behavior and employee workforce output related to COVID-19.
Multiple states are following with similar extensions or are in the process of solidifying a deferral plan that aligns with Federal dates. More guidance and clarity will be provided in the coming days about each taxpayer’s specific situation. For states that have already established a plan, the American Institute for Certified Public Accountants created a state tax filing guide for the coronavirus pandemic, accessible on their website.
What Does this Mean for Taxpayers?
We still encourage taxpayers to file their returns as soon as possible. If the impacts of COVID-19 are preventing you from submitting your taxes on the normal schedule, please contact your Aldrich Advisor. Otherwise, we encourage you to continue to submit all documents electronically using our secure online portal. We are right here with you and will make sure you get the help you need. Our Aldrich team is monitoring the developments closely.
Please visit our COVID-19 Resource Center to stay up to date on rapidly changing regulations that may impact you and your business.
Information on COVID-19 Relief for Taxpayers
Meet The Author
Sara Northcutt, CPA
Aldrich CPAs + Advisors LLP
Sara Northcutt joined the firm in 2005 and has more than a decade of experience working on a wide range of clients, including financial lending, private equity, real estate, and other closely held businesses. Sara specializes in multi-state tax compliance. Sara received her Bachelor of Arts degree from Vanguard University of Southern California and did her... Read more Sara Northcutt, CPA
- Closely-held businesses
- Certified Public Accountant
- Strategic tax planning and compliance