U.S. Federal and State Tax Filing Deadlines Under COVID-19

March 23, 2020
Filing Deadline

On March 20, 2020, U.S. Treasury Secretary Steven Mnuchin announced that the date for both filing and payment of certain U.S. federal income taxes has been deferred from April 15th to July 15th in response to COVID-19. This deferral applies to individuals and business taxpayers of U.S. federal income tax.

Who Can Defer? 

Individual and business taxpayers may defer their U.S. federal tax payments until July 15th without being charged interest and penalties. Originally, it was only possible to defer up to US$1 million in tax for individuals and US$10 million for businesses, without any interest and penalties. Now the caps of US$1 million and US$10 million are lifted. You can defer unlimited tax, without interest and penalties.

The U.S. Treasury’s announcement was made after the earlier decision to extend only the U.S. tax payment deadline and not the filing deadline. Tax professionals and lawmakers expressed concerns about the mismatch of the filing and payment deadlines.

U.S. citizens and “green card holders” who reside outside the U.S., non-resident aliens of the U.S. and certain non-U.S. corporations and partnerships would normally be required to file their US federal income tax returns by June 15, 2020. It is expected that the U.S. Treasury’s announcement would also apply to them.  

State Tax Filing Extensions

Several states have also extended state tax filing deadlines due to the COVID-19 crisis.  

Details by state are updated daily and can be found at: https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf

Questions or concerns about your U.S. federal and state taxes?

We can help you determine your options, provide advice, and assist you with compliance obligations. 

For additional assistance, please call:

1-855-448-0200 (toll-free in the U.S. and Canada)

604-448-0200 (Vancouver)

403-718-0200 (Calgary) or 

587-525-6800 (Edmonton) Alternatively, you can reach us by email at office.west@andersentax.ca

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