March 20, 2020
By: Bruce Tigani and Jim Gallagher
Tax Alert
Treasury Secretary Steven Mnuchin announced Friday that the administration has moved the IRS deadline for filing income tax returns from April 15 to July 15 due to the disruption caused by the coronavirus. This action by Treasury also removes the $1 million/$10 million "Applicable Postponed Amount" cap for the deferral of tax payments that was instituted as part of last Tuesday's IRS pronouncement that deferred the payment deadline up to those cap amounts to July 15. This not only provides further relief, but additional opportunity . . .
Last Tuesday, Treasury had deferred the payment deadline to July 15, but had left the April 15 filing deadline in place. See the earlier update here.
