Federal Tax Filing Deadline Extended to July 15

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The IRS announced this morning that the tax filing deadline has been moved to July 15th.  Previously, the IRS had extended the payment deadline only. Now, the federal income tax filing and payment deadline has been extended until July 15th.

Prior federal guidance also provided that the extension of the payment due date to July 15th also applies for any first quarter 2020 estimated tax payments.

The Oregon Department of Revenue previously announced that they would conform if the federal government extended filing deadline. Thus, Oregon’s filing due date should also be July 15th.  The extended filing date should also extend the time for payment of Oregon income taxes due for the 2019 tax year to July 15th.  At this point it is unclear whether Oregon first quarter 2020 estimated tax payments will be granted the same extension or other penalty relief, but we expect this to be the case.  As of today, we are still awaiting official legal conformity to the federal rules, but we expect that will follow soon.

The California Franchise Tax Board has adopted a similar July 15th extension and we expect most other states will as well.

The information and tips noted above are intended as general guidelines only. The provisions within the CARES Act are complicated with many questions still unanswered. Every client situation is unique and ideas expressed in this article should not be considered a substitute for professional advice. Opinions expressed in this article are subject to change as interpretations are clarified and additional guidance is issued. Please call our office if you have questions regarding the CARES Act or any other recent legislation.