Global Tax Network has alerted us that the IRS has extended the tax payment and filing deadlines out 90 days to July 15 this year. Try here for FAQs.
The IRS expected about 150 million individual tax returns; as of the most recent count, about 68 million taxpayers have already filed. In this Fortune article, Howard Gleckman, who is a senior fellow at the non-partisan Tax Policy Center, said that those who file early tend to be low- and middle-income individuals who are getting a refund. Higher-income individuals, or those with complex taxes who owe money to the government, tend to file later.
In an effort to help stabilize the economy, Canada also has extended their tax deadlines. The CRA extended the tax filing deadline out one month from April 30 to June 1. The deadline to pay off any outstanding balances interest-free will also be extended to September 1. At that same time, Canada also is allowing small businesses more time to pay their taxes without interest or penalties.
On Friday, March 20, the US Secretary of the Treasury, Steve Mnuchin, announced that the federal tax filing deadline would also be extended to July 15. Earlier in the week, the Secretary of the Treasury had provided an extension to the payment deadline but reiterated that the filing deadline would remain at April 15.