Dean Mead’s Estate and Succession Planning Department is one of the largest and most respected groups of estate planning attorneys in Florida. We are frequently…
Today, Treasury Secretary Mnuchin tweeted that the April 15 due date to file Federal tax returns is extended until July 15, 2020.
Earlier this week, the IRS issued Notice 2020-17 which deferred the payment of Federal income tax of up to $1 million for individuals and $10 million for corporations until July 15, 2020.
An official announcement from the Treasury Department or IRS is needed for the tweet to become law. Right now, it is uncertain if this deadline will apply to all Federal tax returns due on April 15, 2020, such as Federal gift tax returns, or if the delay is limited to Federal income tax returns. The official pronouncement should address this and other questions.