March 20, 2020 Coronavirus Relief

Federal tax filing extension and Coronavirus relief bill

Federal government extends filing deadline to July 15th and new Coronavirus relief bill signed into law

Steven Mnuchin announced via tweet that the federal tax filing deadline would be moved to July 15th this year in the wake of the coronavirus.   Payment obligations had already been deferred through that date up to $1,000,000 per individual return and $10,000,000 per corporate return or consolidated group.

Oregon has indicated that it will connect to the federal due date thus the deadline for filing Oregon returns is also July 15th.   Other state rules vary.   See the AICPA summary at:

https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf

We have yet to receive official guidance providing details on the filing extension and will provide more information as we receive it.

Please note that other deadlines and payment obligations such as payroll tax, excise tax, and the requirement to fund an IRA by April 15th are unaffected as of this time.

On Wednesday night, a coronavirus relief bill was signed into law.   The bill contains employer tax credits and other provisions.   See the write-up by the Journal of Accountancy here:

https://www.journalofaccountancy.com/news/2020/mar/coronavirus-relief-bill-tax-credits-for-employers-23225.html?utm_source=mnl:alerts&utm_medium=email&utm_campaign=19Mar2020&utm_content=button

Zirkle, Long and Associates

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