Treasury Department and IRS announce extension for US federal income tax filing

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All US individuals and corporations with April 15, 2020 tax deadlines have had their US federal income tax deadlines for filing and payments extended from April 15, 2020 to July 15, 2020. No interest or penalties will be assessed on individual taxpayers with less than a $1 million USD tax liability who are affected.[1]  For corporations, the threshold is $10 million USD of tax liability.

US expatriates are more familiar with a June 15, 2020 deadline than an April 15, 2020 deadline. In fact, the deadline has always been April 15, 2020, with an automatic two month extension provided to US persons abroad. Thus, those who accustomed to the June 15, 2020 deadline are also afforded the extra month extension to July 15, 2020.[2]

If you have any questions on how the change in deadlines may affect you, please reach out to one of the following members of the Zeifmans US Tax Team today:

Stanley Abraham, sa@zeifmans.ca | 416.256.4000 ext. 356

Chaim Rosner, cyr@zeifmans.ca | 416.256.4000 ext. 315

Kobi Rosen, kr@zeifmans.ca | 416.256.4000 ext. 296

 

[1] https://www.irs.gov/newsroom/tax-day-now-july-15-treasury-irs-extend-filing-deadline-and-federal-tax-payments-regardless-of-amount-owed

[2] https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020