This morning, the US Treasury Secretary announced they have moved Tax Day to July 15. Earlier this week, the Treasury’s announcement on the deferral of tax payments subject to the April 15 deadline seem to cause more confusion than anything. With today’s announcement, it is clear that the federal filing and payment deadline of April 15 for individuals, corporations, and trusts will be July 15 this year given the COVID-19 pandemic.

The State of Illinois has yet to make any official decision on the state tax deadline, but we are speculating most states will follow the US Treasury Secretary’s lead and extend the state tax deadlines given our new reality. The Illinois legislature is not in session again until Tuesday so we may not have confirmation on that until next week unless the Governor issues an Executive Order in the meantime as it relates to the state tax deadline. We will continue to keep you updated on any further developments.

If you have specific questions regarding your tax returns, please contact your regular Selden Fox accountant.

Daniel DiMario

Dan DiMario's practice covers the preparation and review of business, fiduciary and individual tax returns, including returns for family offices and high-net-worth individuals. He regularly communicates with clients on changes in federal, state and local income tax laws and compliance issues, and details how these changes will impact clients’ income tax liability.