Isler KF COVID-19 Tax & News Announcements

Update on Tax Filing Date

To our valued clients and friends:

The Secretary of Treasury appears to be moving the tax due date to July 15th:

“We are moving Tax Day from April 15 to July 15,” Secretary Steven Mnuchin tweeted. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”

He said he was acting at President Donald Trump’s direction. The White House had announced previously they were deferring tax payments for 90 days, but that Americans would still need to file by April 15. Now, the deadline will be extended into the summer. Mnuchin said Americans with refunds should still file now. “I encourage all taxpayers who may have tax refunds to file now to get your money,” he wrote.

The Oregon Department of Revenue issued this news bulletin on March 19th:
“On March 18, 2020, the IRS issued a news release (Notice 2020‐17) allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self‐employment tax) payments, which are typically due on April 15, 2020, to July 15, 2020, without penalties or interest. The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments, which are usually due on April 15, 2020, to July 15, 2020, without penalties or interest. This guidance does not change the April 15 filing deadline.

The Oregon Department of Revenue has received several questions asking if Oregon is going to provide similar relief. Now that the department knows what the IRS is providing, we are evaluating our options and authority under the statutes to provide relief for Oregon and its taxpayers. We expect a decision to be made soon.

The department will send a Revenews bulletin as soon as a decision has been made.” We will continue to maintain a consistent level of quality services to ensure your needs are met during these trying times. We value our relationship with each of you and thank you for placing your trust in Isler Group.