Portland, Ore. – March 20, 2020
While we do not have a formal notice from the IRS yet, both President Trump and Treasury Secretary Mnuchin announced publicly today that the federal due date of April 15, 2020, for filing income tax returns would be extended to July 15, 2020. You are likely aware that the IRS had previously only allowed payment deferrals to July 15th that were capped—$10 million for corporations and up to $1 million for all other taxpayers including individuals.
Now for federal purposes, with the deferral of the filing deadline to July 15th, the assumption is—subject to forthcoming IRS guidance, expected next week—that the payment deferral caps are hopefully no longer applicable, and that any federal tax due (for 2019 or Q1 & Q2 2020) does not have to be paid until July 15th. We will update you as soon as we have clear guidance.
Oregon has not yet issued any direct guidance. The hope is that Oregon will, by next week, confirm that not only will Oregon connect with the federal automatic extension to July 15th, but that they will confirm all 2019 and 2020 Q1 & Q2 payments for Oregon are also not due until July 15th. Stay tuned for updates.
While almost all Perkins employees are working remotely now, we are still fully functional and here to serve you. Please contact any of your team members if you have questions about your particular circumstances, or reach out to me at 503-221-7565 or cloughran@perkinsaccounting.com.
Chris Loughran
Director of Tax
Questions? For all other inquiries, call reception at 503.221.0336 or contact your Perkins advisor.
Disclaimer: The information contained in this communication, including attachments and enclosures, is not intended to be a complete analysis of all related issues. Nor is it sufficient to avoid tax-related penalties. It has been prepared for informational purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and Perkins & Company, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.