Tax Day Extended to July 15, 2020

Today, the Treasury Secretary announced individual taxpayers and businesses will get an additional 3 months to file and pay federal income taxes for 2019. Seems fairly simple and straightforward. We await the implementation details from the IRS and tax preparation companies. But the result is tax day for this year will be July 15, 2020.

States that have previously announced tax filing relief for taxpayers affected by the coronavirus pandemic for varied lengths of time will all likely conform with the new federal tax day. For instance California extended all tax filings to July 15, 2020, after previously announcing a 60 day extension.

These federal and state policies will immediately keep cash in the private economy for a longer period of time before being paid to the government. This will allow money to stay in the economy, which are the stated goals of the recent efforts by the White House to lessen the impacts of the coronavirus pandemic on the United States economy.


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