Tax Day Moved to July 15th, Here’s What We Know:

Federal Announcement (from IRS Notice 2020-18):

• The IRS has extended the deadline for filing 2019 individual income tax returns from April 15^th to July 15^th. This extends the federal deadline for both filing and payment.

• This automatic three-month extension to file and pay also applies to corporations, trusts, estates and other entities.

• The deadline for making contributions to individual retirement accounts (IRAs), Roth IRAs and Health Savings Accounts (HSAs), appears to also be extended from April 15^th to July 15^th.

• As of now, it is anticipated that the normal six-month extension request would still only move the extension filing deadline to October 15, 2020.

• 2020 Federal Estimated Tax Payments: The way it reads currently, this extension allows taxpayers to delay their 1^st quarter payments, typically due April 15^th, to July 15^th. However, the deadline for 2^nd quarter payments remains as June 15^th, for now.

State Response Varies; Virginia Pushing Payment Deadline Back One Month:

• State response to this news has varied, with some states following the federal extension and others choosing not to extend or to only provide limited filing relief. We are tracking updates from each state.

• As of Friday (March 20^th), Virginia announced that they will delay the deadline for any payments due May 1^st to June 1^st. However, the initial filing deadline has not been changed and remains May 1^st, with a six-month extension available.

These legislative updates are still pending, with clarifications expected soon.  Please feel free to contact us with any questions you may have.