Treasury Announces Extension of Federal Income Tax Filing Deadlines
***This client alert has been updated. The updated version Treasury Issues Additional Guidance on Extension of Federal Income Tax Payment and Filing Deadlines can be found here.***
Treasury Secretary Steve Mnuchin announced Friday, March 20, 2020, that the U.S. is extending the April 15 federal income tax filing deadline to July 15 for all taxpayers (both individuals and businesses). This expands upon guidance and announcements earlier in the week that most taxpayers could defer payments until July 15, but would still have to file their tax returns or seek extensions by April 15. Taxpayers who expect a refund can still file now and receive refunds once their return is processed.
At this time, it is not certain whether states will follow the extended tax-filing deadline. However, we would expect many states will adopt the extended deadline given that income tax returns for many states (including Michigan) rely on calculations included in federal income tax returns.
Miller Johnson is actively communicating with the accounting sector and will provide an update as developments occur.