Treasury Secretary Steven Mnuchin announced Friday that President Trump has directed him to move Tax Day to July 15, giving taxpayers more time to file their taxes in the midst of the coronavirus pandemic.

In addition, the IRS released IR-2020-58 on Saturday which has additional updates regarding this extended due date and the payment of federal income tax returns. Highlights from the notice include:

• Due date will automatically extend from 4/15 to 7/15  – no extension forms are needed.

• Payment, regardless of the amount, can also be deferred until 7/15, without penalties and interest.  There is no longer a $1 million or $10 million limit. This applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

• The period beginning on 4/15/20 and ending on 7/15/20 will be disregarded in the calculation of any penalty, interest or addition of tax for failure to file the federal income tax returns or pay the federal income tax postponed by the Notice.

• Individuals who need an additional extension beyond 7/15 will need to file the proper extension form and pay the tax by 7/15.

• Currently, this extension is only for those taxes due 4/15.  This means the second quarter estimates due 6/15 will still be be due by that date.