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On March 21, 2020, in response to the global pandemic resulting from the COVID-19 outbreak, the United States (“U.S.”) Treasury Department and the Internal Revenue Service (“IRS”) automatically extended the income tax filing deadline from April 15, 2020 to July 15, 2020. 

Initially, only the payment date was extended to July 15, 2020. With this announcement, there is no requirement to file an extension for federal returns due April 15, 2020. Further filing extensions until October 15, 2020 will still be available.

This will include the filings for:

  • Individuals
  • Trusts
  • Estates with a calendar year end
  • C-Corporations

Tax payments due on April 15, 2020 are also deferred to July 15, 2020. This includes 2019 tax return balances due, as well as first quarter estimated payments for 2020. No interest or penalties will accrue on taxes paid by July 15, 2020.

The IRS has not released any information related to the extension of deadlines for certain nonresident individuals and foreign corporations that have a filing due date of June 15, 2020. 

Although the individual states are not bound by this announcement, it is expected that they will also provide extensions for filing tax returns and tax payments.

If you have any questions about these deadlines or other U.S. tax matters, please reach out to your Smythe contact directly.

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