Important Tarlow Tax Update: President Trump Extends Tax Filing Deadline

In a tweet on Friday, March 20, 2020, President Trump has directed Treasury Secretary Steven Mnuchin to extend the tax filing deadline to July 15, giving taxpayers more time to file their taxes in the midst of the coronavirus pandemic.

“At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15,” said Mnuchin. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”

Earlier this week, the administration moved the payment deadline to July 15; however, the American Institute of CPAs, the National Society of Accountants, the National Conference of CPA Practitioners, and additional groups pointed out that was not enough. Many taxpayers are dealing with the effects of the COVID-19 pandemic and cannot access their offices and do not have their tax records.  A group of senators introduced bipartisan legislation on Thursday, March 19 to extend the tax filing deadline.

We will provide you with updates on these issues and more as soon as more information is available.

Click here to read the full update on Accounting Today