Email alert, by OSCPA President/CEO Sherri L.D. McPherson, CAE
This morning, Treasury Secretary Steven Mnuchin announced that the tax filing deadline has been pushed from April 15, to July 15, 2020. According to a report from the Associated Press, Secretary Mnuchin said, "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."
Currently, there is no additional information yet posted on this late-breaking news on either the U.S. Treasury Department or the IRS websites. We're awaiting the IRS' release of details and specific guidance. We will continue to monitor sources and post critical updates on the Society website and in Bridge™. (See OSCPA Resources below)
On Wednesday, the U.S. Treasury Department issued a press release announcing guidance on deferring tax payments due to the COVID-19 outbreak. In addition, the IRS issued Notice 2020-17: Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic.
Here is a snapshot of the guidance issued on Wednesday related to tax payment deferrals:
- The guidance allows all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest.
- The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest.
In addition to the federal announcements, we want to let you know that the Oregon Department of Revenue and the Washington Department of Revenue have the following webpages dedicated to tax relief guidance during the COVID-19 outbreak:
- Oregon Department of Revenue COVID-19 tax relief options
- Currently, Oregon DOR has not announced whether they will extend the due date for state tax payments. OSCPA is monitoring the issue and will update members as soon as possible when we become aware of a decision.
The OSCPA website has a COVID-19 resource page where we will post the latest information on OSCPA activities, including the status of committee meetings, CPE, and OSCPA events. You will also find links to a variety of resources from reputable sources on the page.
Also, I want to remind you about OSCPA Bridge™, your online community. Often, Bridge is where you will first receive late-breaking alerts on topics of professional interest, including legislative and regulatory updates. Bridge can help you stay informed, and, importantly, through Bridge, you can stay connected to your colleagues and community as we cope with the unusual circumstances created by COVID-19. Don't hesitate to reach out to staff for assistance with using Bridge.
As always, your OSCPA professional staff stands ready to assist you. We are working remotely, and you can reach us during normal business hours. You'll find our contact information on the staff directory.
Sincerely,Sherri L.D. McPherson, CAE