LGT's Profit Sense

On Friday, March 20^th, Treasury Secretary Steve Mnuchin tweeted that the IRS is moving the tax filing deadline from April 15^th to July 15th, matching this week’s earlier guidance regarding tax payments due. In a subsequent tweet, the IRS confirmed the move aimed to provide relief for taxpayers affected by the coronavirus pandemic. The move, backed by bipartisan groups in Congress, will afford taxpayers and tax preparers more time to complete returns, as many states and localities are affected by office closures and thus have limited access to files and documents needed to file timely.

Specific details and guidance are not immediately available beyond the secretary’s and IRS’ tweets. Please visit our COVID-19 Financial Updates page for additional information as it is available.