July 15 Is America’s New 2020 ‘Tax Day’
In an effort to give U.S. taxpayers and businesses more time to file their tax returns, Treasury Secretary Steven Mnuchin officially announced that Tax Day will be postponed to July 15.
With the new Tax Day declared, Mnuchin gave his assurance that all taxpayers and businesses will receive this additional time to file and make payments without interest or penalties.
Earlier this week, it was announced that the government made the decision to defer $300 billion in IRS payments by 90 days, penalty-free. Deferring up to $1 million for individuals, and $10 million for businesses.
On March 20, 2020, during a White House briefing, President Donald Trump’s administration affirmed this decision to move Tax Day in hopes that it might help U.S. businesses and taxpayers get back to their normal lives.
However, even though taxpayers are being granted extra time to file their tax returns with the IRS, President Trump continued to stress the importance of filing earlier, especially if they expect to receive a tax refund.
As we continue to work through this difficult time, additional information will likely be revealed in the coming days.
Rea & Associates continues to monitor this situation and encourages clients to utilize the electronic resources available to help streamline the tax prep process.
To learn more about the steps Rea & Associates is taking to protect you and our employees against coronavirus, visit www.reacpa.com/coronavirus. We are using this resource to provide you with updates as well as information about the various resources available to you, including how to securely share files with your Rea representative, conduct virtual meetings and make payments online.