Updated as of March 23rd, 2020
The IRS and the Treasury Department has issued guidance (Notice 2020-18) postponing the tax filing due date for individuals and businesses in response to the COVID-19 Outbreak. The tax payment and filing deadline for tax returns are due July 15, 2020. The IRS urges taxpayers who expect a refund to file as quickly as possible.
This applies to all taxpayers including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. There is no longer a limit on the amount of the payment that can be deferred. Interest and penalties are automatically avoided during this time.
Because this is not an extension, but a postponement, it appears that HSA and IRA deadlines would extend to this date also. The IRS has not yet explicitly said this.
The notice does not explain any changes in the extended due date for individual returns. It remains October 15.
The Minnesota Department of Revenue has conformed and will also accept individual tax returns through July 15, 2020 without assessing interest and penalties. Estimated tax payments are due April 15, 2020. More updates can be found here.
JMSC will continue to monitor the situation and provide additional information as it develops. Please reach out to your tax professional with any questions.