The White House, as well as the Treasury Department, has indicated they intend to postpone the tax return filing deadline for the 2019 tax year. At the time of publication, the IRS has not yet issued an official notice of a postponement, or any guidance on the issue. The Internal Revenue Code grants the IRS authority to postpone deadlines by reason of a federally declared disaster under the Stafford Act. Since President Trump invoked the Stafford Act to declare a national emergency rather than a national disaster, it is unclear whether the IRS has authority to postpone the filing deadline. Unless action is taken soon by the IRS, Forms 1065 and 1120-S for the 2019 tax year are due Monday, March 16, 2020 and Forms 1040 and 1120 are due April 15, 2020.
We’ll keep you updated as new information becomes available. Contact us for help to determine how best to minimize the financial impact.
Please follow us on Social Media or on our dedicated COVID-19 Resource Page for more information as it happens.