“At [President Trump’s] direction, 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,” Mnuchin said.
In response to the COVID-19 pandemic, Mnuchin had already moved the date when citizens had to pay taxes, but his latest move includes when filing is due as well.
“This deferment allows those who owe a payment to the IRS to defer the payment until July 15 without interest or penalties,” Mnuchin previously wrote. “The Treasury and IRS are ensuring that hard working Americans and businesses have additional liquidity for the next several months.”
Mnuchin estimates that those liquid assets will be nearly $300 billion over the coming year.
Got a refund due? Don’t delay.
While consumers now have extra time to get their taxes done, Mnuchin said anyone who’s due a refund should file now rather than waiting until mid-July.
"I encourage all taxpayers who may have tax refunds to file now to get your money," he said.
However, taxpayers who need even more time can ask for a six-month extension to file returns, just like they normally could.
States are still working out their own changes
Some states had already moved filing deadlines and, with Mnuchin’s latest move, it’s possible that others will follow accordingly.
Staying on top of that is a lot like herding cats, but ConsumerAffairs search for a good guide on the situation turned up the state-by-state filing guidance from the American Institute of CPAs. That guide also has links to each individual state’s updates as they become available.