USA: Ninety day coronavirus extension for individual and corporate taxpayers

The US Treasury has granted a 90-day interest-free and penalty-free tax payment extension from 15 April to 15 July to help the economy survive the coronavirus outbreak. Individuals can defer up to USD1 million in their 2019 tax liability, while corporations can defer up to USD10 million. Several European governments have announced more limited deferrals of tax payments or assessments.

US: Tax filing deadline now deferred, as well as payments

The US Internal Revenue Service (IRS) has agreed to extend the income tax filing deadline for all taxpayers by three months to 15 July 2020, regardless of the amount owed. Earlier announcements extended the payment deadline for certain taxpayers and companies, but left the filing deadline unchanged. Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. The extension does not yet apply to other federal tax payments due on 15 April, such as federal gift taxes.

US: Foreign banks are granted FATCA reporting extension

The US IRS has announced an 11-week deferral of the deadline for most foreign financial institutions to file Form 8966, used to report information about their US accountholders under the Foreign Account Tax Compliance Act (FATCA). The deadline is now 15 July 2020, with no need to apply for the extension.