Tax Filing Due Date Extensions
When President Trump declared a state of national emergency, he also instructed the IRS to extend tax return deadlines, extend payment deadlines and waive penalty and interest charges1. Various lawmakers have also issued letters expressing support, urging the U.S. Treasury and IRS to extend the April 15th tax payment and filing deadline. Treasury Secretary Mnuchin said they’re evaluating the extension of deadlines. It is unclear who will receive relief and the extent.
There has been no discussion of extending the March 15th deadline.
Following passage of the bill the Clerk was authorized to make necessary technical and conforming corrections to the bill. The technical corrections were passed by the House on the evening of the 16th. To read the technical updates, click here
The Senate is expected to vote on H.R. 6201 the week of March 16th.
President Trump has also called for payroll tax relief. There are currently no proposals. All options are being considered – short and long duration, whether applicable to Social Security and Medicare taxes, employer and employee portion of the taxes, and whether applicable to all businesses. However, there are significant political challenges to payroll tax relief from Republican and Democratic lawmakers with concerns for weakening the Social Security Trust Fund and paying for the tax cuts, among other concerns.
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- IRS Resource Guide – FAQs and Links to IRS.gov, question #2 - https://www.irs.gov/pub/irs-utl/irs-disaster-resources-faqs-2019_508.pdf