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Earlier today at a press conference in Washington D.C., Steve Mnuchin indicated that the IRS is going to allow individuals and corporations a 90 day extension to pay their taxes. Details have not been released, but our current interpretation is that, while not explicitly stating this, it effectively moves the tax filing deadline back to July.
Certain items, like IRA contributions and first quarter payments that also have an April 15th deadline, were not addressed by the Treasury Secretary. Hopefully the official guidance will provide clarification. We will update you as the situation continues to evolve.
In the meantime, we will continue to work as if the tax deadline is still April 15th so that we can proactively assess your tax liability, and so that we avoid missing any opportunities due to the ambiguity in the announced payment deadline extension. Please contact us if you have any questions.
More information on federal payments can be found here Journal of Accountancy
More information on state payments and extensions can be found here AICPA.