Update on IRS Tax Deadline
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the assumption is—subject to forthcoming IRS guidance, expected next week—that the payment deferral caps are hopefully no longer applicable, and that any federal tax due (for 2019 or Q1 & Q2 2020) does not have to be paid until July 15th.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.
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Director of Tax
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