Like many of you, we are closely monitoring the outbreak of the Coronavirus (COVID-19) and its impact across the industry.

Over the past 48 hours, many have speculated changes to the tax filing and payment deadlines. Today the U.S. Treasury Department and the IRS cleared the air and released guidance on the tax implications of COVID-19. The deadline to file federal individual income tax returns remains April 15.

All individual and other non-corporate tax filers are allowed to defer tax payments (up to $1 million) until July 15, 2020 without penalties or interest (read the official Treasury notice). As any additional information comes in, we will send you updates through our Notification Center. Our tax development team is also prioritizing making the necessary updates in the software to support this change, such as changing the automatic withdrawal date to post 4/15/2020. We will share more details on when to expect this update in the coming days.

In addition, please reference this State Filing Deadlines Extended FAQ for updated information on which tax agencies have issued tax filing and/or payment extensions for those affected by the COVID-19 Pandemic.

Please also check your email for more detailed information from Curtis Campbell, President of TaxAct, on how the company is responding and ensuring uninterrupted service to our tax professionals during this time.