As we continue to battle the effects of the COVID-19 pandemic, rumors have gone around that the 2020 tax filing deadline may be delayed. We now have the final word from the US Treasury Department on the subject.

The Treasury Department issued guidance on March 18th saying that taxpayers can delay paying some federal income taxes for 90 days but still must submit their tax return forms to the Internal Revenue Service — or officially request an extension — by April 15.

Individuals can delay payments of up to $1 million in taxes and corporations can get payments of up to $10 million deferred until July 15 without interest and penalties, according to a Notice published Wednesday.

The guidance clarifies and expands on US Treasury Secretary’s announcement Tuesday that businesses and individuals can delay some tax payments, which left some taxpayers confused about whether they still must file a return by the April deadline and how the payment extension would affect their specific situations.

“This guidance does not change the April 15 filing deadline,” according to the statement.

In addition, the notice extends the payment deadline for the self-employed individuals and business owners by 90 days for quarterly estimated taxes, which are also due on April 15.

James Russell, PLLC is committed to continuing to meet the needs and service expectations of our clients. Our Lynnwood office is currently open during normal operating hours.  And as the well-being of our clients and our team are top priority, we offer several electronic options available during this tax season.  If you have any questions about the 2020 tax filing deadline, or any other tax season questions, contact your James Russell advisor for assistance.