The IRS announced yesterday, March 17th, that they will extend the filing and payment deadline for individual federal tax returns from April 15th to May 17th. A few important points to be aware of as we understand them today:
This does NOT extend other taxpayers such as corporations, trusts, etc.
This does NOT extend the first quarter estimate payment which is still due on April 15th.
This does NOT extend the extended deadline of October 15.
This may not extend your state filing deadline. Check with your specific state(s) tax agency for further guidance.
Penalties and interest will begin to accrue on May 18.
Taxpayers do not need to file any forms or call the IRS to qualify for this automatic federal tax filing and payment postponement. If your return is not done by this time, you can ask for an extension until October 15th.
Even with the new deadline, IRS urges taxpayers to consider filing as soon as possible, especially those who are owed refunds. We are continually monitoring this situation and we will keep you updated as the conditions develop. If you have any questions, please contact us.
Any accounting, business, or tax advice contained in this communication, including attachments, is not intended as a thorough, in-depth analysis of specific issues or a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, Erickson, Brown & Kloster, P.C. would be pleased to perform the requisite research and provide you with a detailed analysis
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