***UPDATE: As of March 3/20/20, the U.S. Treasury announced that the payment filing deadline has been extended until July 15, 2020.***
The U.S. Treasury has announced on Tuesday, 03/17/20 that individuals and corporations can delay their tax payments for 90 days due to the coronavirus pandemic. Individuals can defer up to $1 million in payments for 90 days from the April 15, 2020 deadline. Corporations can defer up to $10 million in payments for 90 days after the deadline. During that time, the IRS has stated they will not charge interest or penalties.
As of now, the federal filing deadline of April 15, 2020 has not changed, and the state of Minnesota Department of Revenue has NOT changed the original tax payment deadline of April 15, 2020. The IRS has not issued any guidelines about the announcement as of yet. There are several technical details that need further guidance in order to comply with these extension procedures. We will monitor this and update you with additional details as they become available.
We continue our remote workplace business continuity plan and are actively working to meet all of our clients tax filing needs. We will continue to keep you informed of any other changes that may be announced.
We are your CPAs with Solutions. Contact us with any questions.