The arrival of the Coronavirus (COVID-19) has sharply changed everyday life for both residents and businesses. This includes restrictions on restaurants, movie theatres, bars and other gathering places. The impact on these businesses and others is expected to be significant, resulting in a flurry of policy changes and updates from Washington D.C. One important announcement came earlier today when Treasury Secretary Mnuchin announced the IRS has moved the tax filing deadline from April 15 to July 15 to allow taxpayers more time to prepare filings and pay income taxes owed.
The IRS reported that as of March 13 it had received 76.2 million income tax returns and issued 59.2 million refunds. This means that 77.7% of taxpayers have received refunds to date. President Trump’s administration is encouraging taxpayers to submit their tax return when possible to receive their refund payment.
The Michigan Department of Revenue announced tax-filing extension for a 30-day waiver for sales, use and tax withholding payments. In addition, they indicated deadline changes for state tax filings will align with the IRS. However, there has been no update issued. We will continue to follow any changes and keep you informed with updates.
If you have questions about the changed deadline or need assistance with a tax filing concern, Clayton McKervey can help. For additional information please call us at 248.208.8860 or click here to contact us.
The above represents our best understanding and interpretation of the material covered as of the date of this post. Things are moving at a rapid pace, and as such, information is subject to change. This information is provided for informational purposes only and is not intended to be a substitute for obtaining accounting, tax, or financial advice from an accountant.