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PrimeGlobal member firm AAFCPAs discusses the new clarifications by IRS regarding the postponed tax deadline.
As a reminder, Treasury Secretary Steven Mnuchin announced last week that the IRS will move the national income tax filing and payment day ahead to July 15th.
This is great news, as it gives all taxpayers and businesses additional time to file returns and make tax payments without interest or penalties.
The IRS has since published a lengthy list of Questions & Answers, addressing many of the inquiries received. These can be found HERE>
Some of the highlights include:
- For individuals or businesses that normally file for an extension due to delays in receiving third party information, the extension period ends on its usual date of October 15.
- Retirement plan contributions by employers and self-employed individuals are due by July 15th, the due date of the tax return. Filing an extension to file the tax return also extends the time for making these contributions to October 15.
- Contributions to Individual Retirement Accounts (IRAs) are due by July 15.
Taxpayers and CPA firms are standing by for guidance from applicable states, as the IRS guidance does not provide relief for state income taxes. Many states have adopted similar provisions, and we expect that others will soon follow suit. As of 5pm on 3.24.20, Massachusetts has not modified its tax deadlines.
AAFCPAs is the largest PrimeGlobal member firm in Boston, Massachusetts with 220+ staff, and 33 partners.Learn more