Due to the COVID-19 pandemic, many places across the United States have begun implementing restrictions to slow the spread of the virus. As a result, the already-approaching tax season has also been affected.

Federal Taxes

The IRS issued an official notice stating that, due to the pandemic, the 2020 federal tax payment deadline was extended to July 15, 2020. In other words, if you pay the taxes you owe by July 15, there will be no interest or penalties. The limit is $1,000,000 for individuals and $10,000,000 for corporations. On March 20, Treasury Secretary Steven Mnuchin further announced that the tax filing deadline for both individuals and businesses would also be extended to July 15. The IRS statement on its official website is available here.

https://twitter.com/stevenmnuchin1/status/1241002750483324930

In addition, estimated tax payments that were originally due on April 15 can also be paid late.

State Taxes

Each state can set its own tax filing deadline. Since the federal government has already extended its deadline, we expect many states to follow.

For example, California has already announced an extension of all tax filing and payment deadlines affected during the pandemic to July 15.

Because the situation is changing very quickly, please refer to this state tax deadline extension list for the latest updates.