Tax Season Update Regarding COVID-19

The Treasury Secretary made an announcement about tax relief due to COVID-19.

As of now, this is what we understand based on this announcement:

• the individual filing deadline is still April 15
• those who can file their taxes should file by the normal tax filing deadline
• those who can’t file by the deadline should file an extension by April 15
• taxpayer’s both individual and corporations, can defer a tax due payment, interest-free and penalty-free, for an additional 90 days after April 15

The IRS will still need to address the following:

• whether or not quarterly estimate tax payments can be deferred
• any changes related to filing 1041 returns