Breaking News – Change In Tax Filing Deadline

Today, Friday March 20, 2020, Treasury Secretary, Steven Mnuchin, announced that the Internal Revenue Service has extended the tax filing deadline for 2018 income taxes until July 15, 2020. This extension applies to all individuals and businesses and was announced several days after an extension was granted for the time to pay any tax amounts due.

Taxpayers who are due a refund will still benefit from filing on time or early and there may be additional benefits to filing on time. In addition, state filing deadlines may not have changed. Virginia has announced that it will delay the deadline to pay income taxes until June 1 but that it cannot delay the receipt of amounts due until July for budget purposes. However, this announcement was made prior to the federal filing extension. Since state income taxes are based on federal adjusted gross income, it is not yet certain if extending the federal filing deadline will affect the deadline to file state taxes. North Carolina has not yet announced any plans to extend either the filing deadline or the deadline to pay income taxes, yet North Carolina income taxes are based on the federal adjusted gross income as well.

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Hook Law Center is available to assist in the preparation of individual and fiduciary income tax returns. Please contact us at 757-399-7506 or 252-722-2890 if you need assistance with income tax or other estate planning or asset protection planning matters.

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