April 15 Tax Payment Deadline Postponed

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The IRS has officially announced as of March 21, 2020, that the federal income tax filing due date has been extended from April 15, 2020 to July 15, 2020 due to the COVID-19 virus. You can view the official IRS news release here. And you can view the IRS news releases on the coronavirus efforts here.

April 15th has been cancelled! Well, not technically, the date will still exist, but it will not be the filing or payment deadline for individuals or subchapter-c corporations. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. For more details, refer to the IRS Newsroom.

Earlier this week, Treasury Secretary Steven Mnuchin and President Trump fielded questions from the press regarding the current plans to stimulate the economy through government intervention. You can watch the recording here. It sounds like they are planning to bail-out the travel industry and cut checks to “hard-working Americans.” It is unclear who qualifies as such or what that plan will look like. Trump said, “we will have a pretty good idea by the end of the day what we will be doing.” Steven Mnuchin had a similar response of, “We will be laying out those details later today.”

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Liz Mason is a serial entrepreneur, a giant nerd, and an involved accounting vanguard. She is the Founder of High Rock Accounting, Rebel Rock Accounting, TheDepartment.Tax, and a few other related brands. Liz speaks on a national stage, guests stars on podcasts, and writes frequently. To further her passion for the advancement of the accounting profession, Liz currently serves as a Xero National Ambassador and as the Content Strategist for Tax Practice News. Liz started her career in tax at Grant Thornton (at 20) and automated a portion of her job landing her in the national tax practice. She spent a decade in large public accounting firms working on highly technical tax consulting before branching off on her own. Liz utilizes her creativity and passion at her company to uproot traditional practices and replace them with innovative concepts. She finds joy in efficient technology and her core belief is that everyone and everything can continuously improve (she says "be better" too often). When Liz isn't planning world domination in accounting, she is a die-hard skier, down for any adventure, plays the ukulele, reads everything, and has a good sense of humor. If you're looking for her, you can find her traveling the world and enjoying new food and cultures with her young son. Follow Liz and High Rock Accounting on Twitter at @LizzyNorMa and @HighRockCPAs.