3d 1040 tax form

Federal tax filing pushed back to July 15, Minnesota will follow suit

UPDATE ON EARLIER POST: The IRS will delay both income tax payments AND the filing deadline until July 15.

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

Governor Tim Walz said Minnesota will follow suit, which would give individuals and businesses an extra three months to file and pay before they owe interest and penalties. The state’s extension still has to be approved by the IRS.

There appears to be a few reasons for the postponement:

  1. Reducing stress and extra burdens.
  2. Eliminating confusion about having forms and payments due on different dates.
  3. Maintaining social distancing so people aren’t tempted to visit their accountants in person.
  4. Freeing up $300 billion nationally for individuals and businesses to address short-term cash-flow issues

If you are expecting a refund, you should file ASAP so you can get your check more quickly. The IRS recommends opting for direct deposit to get the money in about three weeks.

#LakesProud


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