At least 90 days from 4/15

[rbynaker]

My (limited) understanding is that the IRS cannot change the filing deadline (which is set by statute).

An update:

I did a little research on this and the emergency powers are broader than I initially thought. Authority comes from IRC 7508A:

https://www.law.cornell.edu/uscode/text/26/7508A

And associated regs:

https://www.law.cornell.edu/cfr/text/26/301.7508A-1

The regs in (c)(1)(i) include authority to extend filing deadlines:

"Filing any return of income tax, estate tax, gift tax, generation-skipping transfer tax, excise tax (other than firearms tax (chapter 32, section 4181); harbor maintenance tax (chapter 36, section 4461); and alcohol and tobacco taxes (subtitle E)), or employment tax (including income tax withheld at source and income tax imposed by subtitle C or any law superseded thereby);"

and also, worthy of note (c)(1)(III):

"Making contributions to a qualified retirement plan (within the meaning of section 4974(c)) under section 219(f)(3), 404(a)(6), 404(h)(1)(B), or 404(m)(2); making distributions under section 408(d)(4); recharacterizing contributions under section 408A(d)(6); or making a rollover under section 402(c), 403(a)(4), 403(b)(8), or 408(d)(3);"

So now let's see what actually gets extended . . .

[Burke]

And if they do not extend the deadline, all deductions related to that such as IRA/SEPP contributions, etc remain April 15. I feel if they ask Congress for that provision, they will do it.

[LCP]

My (limited) understanding is that the IRS cannot change the filing deadline (which is set by statute). Congress has to do that. The IRS can generally waive penalties at it's discretion. It generally cannot waive interest which is set by statute but the exception is that they CAN waive interest in a federally declared disaster area.

Are we having fun yet?

I am! Nothing on IRS.gov yet but the WSJ and others are reporting that they will waive interest and penalties...at least on 2019 balances due if paid by 7/15/20.

Haven't seen anything on the first two 2020 quarterly estimates. I'd sure be hesitant to encourage people not to make them and get behind for 2020.

Seems like it would make sense to save everyone the time and effort of filing extensions but they seem to still be required.

Also it seems that the authority is based on emergency powers other than the typical disaster area authority.

[rbynaker]

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

My (limited) understanding is that the IRS cannot change the filing deadline (which is set by statute). Congress has to do that. The IRS can generally waive penalties at it's discretion. It generally cannot waive interest which is set by statute but the exception is that they CAN waive interest in a federally declared disaster area.

Are we having fun yet?

Edit: Updated in Post 22

[Rapid Robert]

What are you going to do with a client who has a driver license expiring right around now until filing deadline and DMV offices are restricting hours to renew or are closed?

Nothing. Driver's license is not required to file a federal return nor most of the states.

[ATSMAN]

What are you going to do with a client who has a driver license expiring right around now until filing deadline and DMV offices are restricting hours to renew or are closed?

Which state? My state has extended renewal dates of all expiring licenses by 60 days. So those licenses are still valid even though it shows an expired date.

[Uncle Sam]

What are you going to do with a client who has a driver license expiring right around now until filing deadline and DMV offices are restricting hours to renew or are closed?

[Lion]

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

[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!

[Maude Lebowski]

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

[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!

[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.

[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?

[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.

[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