Our Estate Planning Blog

COVID-19 Update: Tax Filing Deadline Extension

Tax-Filing Deadline Extension
Treasury Secretary Steven Mnuchin announced Friday that the administration has moved the IRS deadline for filing taxes from April 15 to July 15 due to the disruption caused by the coronavirus.

Tax Filing Deadline Extension Nationwide

There has been some confusion about the tax-filing deadline extension. On Friday, March 20 the fedeal goverment provided a little clarity that both the filing and the payment deadlines have been extended from April 15 to July 15 giving all taxpayers and businesses additional time to file and make payments without interest or penalties.

If you are expecting a refund, however, the Treasury Department encourages you go ahead and file as soon as possible – the sooner you file, the sooner you will get your refund.

Please note that Illinois may or may not follow the IRS lead on this, and it does not impact things like the estate tax, property taxes and the like.  Some states have already followed up with their own extensions, but Illinois has not given any indication regarding what would happen here.

The City of Naperville and other municipalities have also waived late fees for delinquent monthly food and beverage tax receipts and any late payment interest penalties for that tax in an effort to assist bar and restaurant owners who are feeling the impact of the government-ordered shutdown.

Resource: Tax filing deadline moved to July 15, the latest measure to battle coronavirus downturn, The Washington Post, March 20, 2020

 

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