On Tuesday, March 17th, the US Treasury Secretary announced that the federal tax filing deadline date of April 15th remains in effect. On Friday, March 20th, the date has been extended to July 15th.
The Treasury Secretary encouraged Americans to file their taxes before the April 15th date to ensure they receive their refund in a timely manner, should they be eligible for one. For those affected by the outbreak and unable to complete their return in time, the filing date and payment deadline extension date of July 15th applies. On July 16th, penalties and interest on any unpaid balance due will begin to accrue (www.irs.gov/pub/irs-drop/n-20-17.pdf)
State tax deadlines and payment requirements vary state to state and are evolving hourly. As of March 12th, California has pushed its tax and filing deadline to June 15th and on March 15th, Connecticut extended the filing deadline for business returns to June 15th. For more information on state by state deadlines, refer to AICPA’s document outlining the ongoing changes.
As always, Ineo is closely monitoring the situation both in the United States and abroad. Please check back here regularly for important updates. If you have urgent questions regarding the impact of the COVID-19 outbreak on taxes, interest, and other financial questions as it relates to your mobility programs, please reach out to David S. Oltman at email@example.com.