March 20, 2020
UPDATED – March 21, 2020
As the challenges of COVID-19 continue to impact individuals and businesses, there has been concern about how many will comply with the upcoming tax filing deadline. Earlier this week, it was announced that taxpayers received a 90-day extension to pay any taxes owed to the federal government, but the filing deadline of April 15th remained. Earlier this morning, Secretary Mnuchin announced the IRS has moved the tax filing deadline from April 15th to July 15th to allow taxpayers more time to prepare filings and pay income taxes owed.
According to IRS Notice 2020-18, the filing deadline extension impacts not only individual income tax returns, but also extends to estate, trust, association, partnership and corporate returns. The extension also applies to first-quarter estimated tax payments. There is no need to file for an extension, penalties, and interest will not be assessed and there is no limitation on the amount of tax payment that can be postponed.
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The Georgia Department of Revenue has not indicated whether they will conform to the new IRS deadline, but it is expected they will do so. We will continue to follow any changes and keep you informed with updates. If you have questions about the changed deadline or need assistance with a tax filing concern, Wilson Lewis can help. For additional information please call us at 770-476-1004 or click here to contact us.