As we reported yesterday, the Internal Revenue Service has postponed the tax filing and payment deadlines for calendar year taxpayers until July 15, 2020. Revised guidance has now been issued which expands the provisions to remove the dollar limitation on the amount of the payment that may be postponed until July 15. Under the new guidance, all payments for 2019 income taxes and first quarter 2020 estimated income taxes may be postponed until July 15, 2020 without penalty or interest.
The number of states that are matching the July 15 filing and payment deadline continues to grow. New York, California, Arizona and others have provided similar relief. However, Illinois has not yet indicated how it will handle this tax filing season.
We will keep you posted as new developments occur. In the meantime, we will continue to work remotely to assist our clients during these difficult times.
If you have questions or concerns regarding this Client Alert, please contact Mark Thomson at email@example.com or your ORBA advisor.