UPDATED ARTICLE 3/21: https://www.fawcasson.com/news2/UPDATE--GOVERNMENT-EXTENDS-DUE-DATE.htm
In a press announcement March 17, Treasury Secretary Steven Mnuchin announced that certain 2019 tax payments can be postponed until July 15, 2020. In an effort to ease the burden on businesses and individuals in this time of financial strain, the ruling was made to defer payments without penalty or interest.
The filing date of April 15, 2020 will not be impacted by this decision. For individual taxpayers, up to $1 million dollars of federal tax payments may be deferred. Corporations may defer up to $10 million dollars.
State of Maryland
The State of Maryland has announced that it will extend all business tax filing deadlines. Comptroller Peter Franchot announced March 11 that the deadlines that previously had been scheduled to occur in the months of March, April and May of 2020 for businesses filing sales and use tax, withholding tax, and admissions & amusement tax, as well as alcohol, tobacco and motor fuel excise taxes, tire recycling fee and bay restoration fee returns will now be due June 1, 2020.
Business taxpayers who file by the June 1 date will receive a waiver of all interest and penalties.
Individual taxpayers filing deadlines will follow the Federal Government’s lead by not adjusting the deadline for Maryland individual filings.
State of Delaware
The State of Delaware has not announced any adjustments to the deadlines at this time. We will keep you updated on any developments as they occur.
Please don’t hesitate to contact your Faw Casson team with any questions or concerns.