Treasury may consider delaying Tax Day to Sept. 15, Mnuchin says

June 25, 2020

This tax season may look more like a tax year, as Treasury Secretary Steven Mnuchin weighs delaying the July 15 deadline once again.

“As of now, we’re not intending on doing that, but it is something that we may consider,” he said in a June 23 interview at the Bloomberg Invest Global 2020 virtual summit. He said he was considering another delay to Sept. 15.

Treasury has already pushed the April 15 deadline for federal income tax returns to July 15, giving individuals and professionals some relief as they grappled with coronavirus and stay-at-home orders in the spring.

On that day, federal income returns for 2019, as well as taxes owed, are due. The IRS also pushed a series of other deadlines — including taxes for the first and second quarter — to July 15.

Be aware that your state may have different deadlines.

For tax professionals, a further delay of the tax season would be a mixed blessing.

Accountants are hustling 2019’s tax returns out the door, as well as dissecting the Paycheck Protection Program and all of its tax-planning implications for small-business clients.

The PPP, a federal forgivable loan program established by the CARES Act, has many moving parts, and guidance on obtaining forgiveness continues to evolve.

Article source: https://www.cnbc.com/2020/06/24/treasury-may-consider-delaying-tax-day-beyond-july-15-mnuchin-says.html