Tuesday, March 31, 2020

Federal Tax Filing Deadline Pushed Back 3 Months

By on March 20, 2020

U.S. Treasury Secretary Steve Mnuchin speaks at La Fortaleza, March 22, 2018 (Courtesy)

U.S. Treasury Secretary Makes Announcement Via Twitter

SAN JUAN — U.S. Treasury Steven Mnuchin announced via tweet Friday that taxpayers will get a three-month reprieve to pay federal taxes they owe for 2019.

Mnuchin tweeted: “We are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”

“I encourage all taxpayers who may have tax refunds to file now to get your money,” he wrote.

As part of its coronavirus response, the federal government had given individual filers 90 days to pay income taxes due on up to $1 million in tax owed, and corporations could defer up to $10 million without incurring penalties, Mnuchin had said in a White House news conference. The reprieve on that amount would cover many pass-through entities and small businesses, he said.

Corporate filers would get the same length of time to pay amounts due up to $10 million in taxes owed, Mnuchin said. During the three-month deferral period, taxpayers will not be subject to interest and penalties, he said.

Puerto Rico Treasury Secretary Francisco Parés Alicea announced this week a payment plan moratorium amid the coronavirus disease (Covid-19) emergency measures ordered by the governor, while the deadline for filing tax returns and documentation will be pushed back one month.

“Taxpayers who have any debt under a department payment plan will not be obligated to make installments for such plans that are due in the period between March 16 and April 30,” the Treasury chief said in a press release. “In these cases, we will not impose fines, interest or penalties, for any noncompliance.”

Parés said that deadline for the filing of business and individual tax documentation and Internal Revenue licenses and payment plans have been pushed back one month.

Among the series of measures to deal with the economic disruption posed by the spread of the highly infectious virus in her state of emergency declaration last week, Gov. Wanda Vázquez Garced announced that the April 15 commonwealth income tax filing date was pushed back to May 15.

The Treasury chief said the deadline for filing informative returns for tax year 2019 has been pushed back to April 15, without the application of penalties.

Filings and payments for the sales and use tax (IVU by its Spanish initials) due between March 15 and March 31, as well as deadlines for filings of returns, payments and deposits for all taxes managed by the Treasury that are due between March 15 and April 15 have also been pushed back a month, Parés said.

He said the latest measures are contained in Internal Revenue Informative Bulletin 20-08, Administrative Determination 20-04 and Internal Revenue Circular Letter 20-20, which can be accessed on the agency’s website www.hacienda.pr.gov, under the Publications section.

Parés said all Treasury and internal revenue offices, tax filing and help centers, and 360 Service Centers will be closed until March 30. He urged taxpayers to carry out their transactions on Treasury’s online system (SURI by its Spanish acronym), at www.suri.hacienda.pr.gov.

—CB news services and reporter José Alvarado contributed.

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