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Letter from our firm
We hope that you are keeping healthy during these trying times.
The past few weeks have been stressful for all of us and we, unfortunately, expect this to continue for a few more weeks. We finally got concrete guidance this morning that in our opinion makes a lot of sense for everyone both financially and health-wise.
That guidance is that Treasury Secretary Mnuchin said in a tweet that “We are moving Tax Day from April 15 to July 15, all taxpayers and businesses will have this additional time to file and make payments without interest or penalties.
This falls in line with what most tax professionals and lawmakers of both parties said needed to happen so as not to confuse taxpayers to have forms and payments due on separate days.
This change gives individuals and corporations an additional three months to file before they would owe interest and penalties for filing late.
Many states have already delayed their filing and payment deadlines.
Massachusetts has moved the state personal income tax filing and payment deadline to July 15, consistent with the federal government.
So to summarize, April 15 is now a not a filing nor a paying date. The new tax filing and payment date for the 2019 filing year is now July 15, 2020.
We hope that this will somewhat help all of us to relax and not stress anymore about taxes.
Please stay safe and we hope that this will be short-lived. Staying healthy is paramount for all of us.
With all of our best wishes,
The Team at King McNamara Moriarty LLP