COVID

APRIL 15, 2020 FILING DEADLINE – UPDATE:

On March 19, 2020, Treasury Secretary Steven Mnuchin announced that the deadline to file and pay 2019 taxes would be extended to July 15, 2020. No request for extension is required to be filed. The extension applies generally to any income tax payment, regardless of the amount due, or filing that would have normally been due on April 15, 2020, including estimated tax payments for the 1st quarter of 2020. At the time of this writing, IRS and Treasury had not yet issued detailed guidance on how this extension would be administered. Secretary Mnuchin did reiterate that taxpayers expecting refunds with their 2019 returns should file as soon as possible.

Find out more details here: https://www.mucr.com/covid3.html

On March 20, 2020, in a televised update on the COVID-19 outbreak, Gov. Tim Walz announced that the state of Minnesota would also be extending the deadline for 2019 income tax filings and payments to July 15, 2020. At the time of this writing, no other official details have been released.

HUD REAC Global 30-day Extension for All Submissions with a Due Date of 3/31/20
Due to business disruptions caused by the COVID-19 virus, the Office of Housing has issued approval for a 30-day extension of all financial statements having a due date of 3/31/20. This will include the owner-certified greater than $750K submissions with a 3/31/20 due date, and the 6/30/19 OMB audited submissions that are due on 3/31/20. It will also include both unaudited and audited submissions for for-profit entities due on 3/31/20. The revised due date is 4/30/20.

https://ahacpa.org/announcements/2020-blanket-extension/

Your trusted advisors at MUCR will continue to monitor these developments, and we will continue to provide updates as they become available. Do not hesitate to reach out to us if you have questions specific to your tax situation.