At least 90 days from 4/15

[JON]

AICPA put out an UPDATE before the end of this week the IRS will extend the end of tax season by at least 90 days from 4/15. No penalties or interest - they will also included the ones who were due 3/15 for the no penalties or interest..

[Uncle Sam]

Now the big question is whether ALL the states that have income taxes will honor that and acquiesce?

[ATSMAN]

MA has already posted at their website that if IRS extends the deadline for filing MA will go along. I can't see any State DOR going against that logic. It would frankly be illogical but strange things happens with Govt!

[Uncle Sam]

This also brings up a pandora's box full of problems - extensions for pension contributions, pension distributions, business tax filings, calculations for days "worked" for tax calculations, and on and on.
It's not just for tax return filing.
If the government is "automatically extending" 4/15 -- what about those who have ALREADY filed the extensions vs those who haven't and are now going to get the same benefit.
Are payments of taxes still going to be required by 4/15 or is that extended too?

[Burke]

This also brings up a pandora's box full of problems - extensions for pension contributions, pension distributions, business tax filings, calculations for days "worked" for tax calculations, and on and on.
It's not just for tax return filing.
If the government is "automatically extending" 4/15 -- what about those who have ALREADY filed the extensions vs those who haven't and are now going to get the same benefit.
Are payments of taxes still going to be required by 4/15 or is that extended too?

Good questions and ones I have thought of too. I would think those who have already filed extensions would have the benefit of any extended date, including the payments of taxes due.

[Lion]

CT has extended filing AND payment dates, plus announced it will go along with federal when announced, probably. Has anyone heard about NY?

[ATSMAN]

Has anyone heard about NY?

Gov Como is talking a lot about what the Pres should do. How about he taking executive action and do what CT did?

Talk is cheap!

[TAXNJ]

AICPA put out an UPDATE before the end of this week the IRS will extend the end of tax season by at least 90 days from 4/15. No penalties or interest - they will also included the ones who were due 3/15 for the no penalties or interest..

Is it IRS “will” or “expected” to change the date?

can you share that Update because the following article is not as clear - thanks

https://www.cpapracticeadvisor.com/tax-compliance/news/21129714/when-is-the-new-irs-tax-filing-deadline-for-2020-coronavirus-delay

[ATSMAN]

For all practical perspective the 4/15 deadline is extended because interest and penalties are suspended for 90 days for balance due $1M or less for individuals and fiduciaries. I think it was $5M for Corp. according to Sec. of Treasury just minutes back.

[Maude Lebowski]

For all practical perspective the 4/15 deadline is extended because interest and penalties are suspended for 90 days for balance due $1M or less for individuals and fiduciaries. I think it was $5M for Corp. according to Sec. of Treasury just minutes back.

What's your source for that information?

[Burke]

President Trump's news conference this morning. Payments are extended and no interest will be charged. If you wish to file an extension, of course, you still can, but that doesn't affect this.

[ATSMAN]

From FoxNews:

Mnuchin, on Tuesday, also announced that the Treasury Department would not extend the deadline to file taxes by the April 15 deadline, as much of the tax filing can be done online.

“We encourage Americans who can file taxes to continue to file taxes on April 15 because for many Americans, you will get tax refunds and we don’t want you to lose out on those tax refunds,” Mnuchin said.

Mnuchin added that if individuals or corporations owe money to the Internal Revenue Service after filing their taxes, those payments now are able to be deferred for up to 90 days interest-free.

“If you owe a payment to the IRS, you can defer up to $1 million as an individual, and $10 million to corporations, interest-free and penalty-free for 90 days,” Mnuchin continued. “File your taxes, you’ll automatically not get charged interests or penalties.”

I read that as late filing penalty still applies but late payment penalty and interest waived for 90 days. So just file an ext. and pay by 90 days!

[Maude Lebowski]

Except none of that has officially happened yet, so it's all talk at this point.

[ATSMAN]

Except none of that has officially happened yet, so it's all talk at this point.

Yup talk by the Secretary of Treasury in front of the President of United States and NOT Joe Sixpack at a the local watering hole!

[Lion]

Can the IRS waive interest? Isn't interest a matter of law? Did Congress vote to postpone interest for 90 days?