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March 20, 2020 Tax update:

Dear 2019 tax return clients:

On March 20, Treasury Secretary Steven Mnuchin announced by

tweet that the April 15 deadline for filing tax returns will be

postponed to July 15: "At @realDonaldTrump’s direction, we are

moving Tax Day from April 15 to July 15. All taxpayers and

businesses will have this additional time to file and make

payments without interest or penalties."

The IRS published Notice 2020-18 to

memorialize the extension. Importantly, the Notice not only

extends the filing date but also removes the cap on the amount of

tax payment that can be postponed (earlier guidance provided a

$1 million cap on individual income tax payments and a $10

million cap on tax payments for corporate taxpayers). There is

now no limitation on the amount of payment that may be

postponed.

Further, estimated tax payments due on April 15, 2020 (i.e., for

the 2020 tax year) are also automatically extended to July 15,

2020.

Congress was separately readying a legislative fix to extend the

tax filing deadline. Under the proposed legislation,

estimated tax payments would not be not due until October 15,

2020.


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