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Tax Extension Update


According to Treasury Secretary Steven Mnuchin, at the President’s direction, the tax deadline is being moved from April 15 to July 15 for all taxpayers and businesses. In a tweet on March 20, Mnuchin wrote: “All taxpayers and businesses will have this additional time to file and make payments without interest and penalties.”

Our understanding is that this applies only to federal income taxes, but we are monitoring the situation closely and will keep you updated as developments occur.

Additional legislation is in the works as well that could allow for loss carrybacks to return to the law, increase interest deductibility, and fix the technical drafting error in the 2018 tax reform package that caused many tenant improvements to be depreciated over 39 years instead of a current deduction. There is no certainty this additional legislation will pass into law, but we will stay on top of these developments as they develop.

Connect with your Berntson Porter representative at 425.454.7990 or www.bpcpa.com for more information. Berntson Porter will be continuing to monitor changes in tax extension guidance. We’re here to help!