Treasury Secretary Steven Mnuchin announced today that the filing date for individual tax returns for the 2019 tax year has been moved to July 15, 2020. “We are moving Tax Day from April 15 to July 15,” Mnuchin wrote on Twitter. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
It is expected, though not yet announced, that New York and New Jersey and other states will follow suit.
At a news conference earlier in the month, Mnuchin said individuals can defer up to $1 million in tax liability and corporations get an extension on up to $10 million. “All you have to do is file your taxes,” he said. “You’ll automatically not get charged interest and penalties.”
The payment extension, which affects millions of taxpayers, is part of the Trump administration’s effort to curb the economic effects of the coronavirus pandemic. Mnuchin said the delay will free $300 billion of liquidity in the economy as individuals and businesses have more time to pay their taxes.
Taxpayers must still file their returns by the applicable due date or file for an extension request, as in prior years. An individual filing for an extension can then file the return and pay the applicable tax within the 90-day payment extension period.