While it’s still best to file as early as you can (if you can), all taxpayers who need more time to file and pay will have until July 15 without penalties or fees, the Treasury Department confirms Friday, March 20.

By Maggie Seaver
March 20, 2020

In light of the immense financial strain caused by the COVID-19 pandemic, U.S. Treasury Secretary Steven Mnuchin announced earlier this week on Tuesday, March 17, that the IRS extended the federal income tax payment deadline by 90 days for taxpayers owing up to $1 million in federal income taxes.

However, in an updated announcement on Twitter on Friday, March 20, Mnuchin confirmed that Tax Day will officially be moved from April 15, 2020 to July 15, 2020.

"At [President Trump's] direction, we are moving Tax Day from April 15 to July 15," Tweeted Mnuchin. "All taxpayers and businesses will have this additional time to file and make payments without interest or penalties." 

In light of the ongoing efforts to keep social interaction, and thereby the spread of the COVID-19 virus, to a minimum, this is meant to offer both individual taxpayers and businesses a 90-day cushion amid the financial uncertainty many face.

Note that this extension currently only applies to federal taxes. According to People.com, The American Institute of CPAs is developing a list of individual states’ tax requirements.

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However, those Americans who can file and pay their 2019 taxes by April 15, 2020—business as usual—are highly encouraged to do so in order to receive potential tax refunds. "I encourage all taxpayers who may have tax refunds to file now to get your money," Mnuchin reiterated in a Tweet. As always, the more quickly you file, the sooner you’ll get that refund.

The economic impact of the coronavirus outbreak has caused a range of drastic hardships and inconveniences for individuals, large corporations, and small businesses alike. This unprecedented maneuver by the IRS postponing the tax filing deadline on federal income tax aims to alleviate those pressures for taxpayers across the country who are facing halted revenue streams, job loss, or other financial insecurities.

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