In the face of the many emergency declarations by federal as well as state governments, many are pushing off their tax filing deadlines. Starting at the federal level, US Treasury Secretary Steve Mnuchin announced earlier this week that the Internal Revenue Service (IRS) would suspend penalties and interest for up to 90 days on income tax forms submitted after the April 15 tax filing, a change that will affect $300 billion in potential tax payments to the IRS and will apply up to $1 million in potential payments for individuals and $10 million for corporations. Furthermore, although individual tax returns are still due to be filed on April 15, any monies owed the government in additional taxes need not be paid to until July 15, 2020. He also urged taxpayers expecting refunds to file early to get their refund and boost liquidity in the economy. At the state level, similar tax filing delays are being put in place across the nation. The state of Maryland has extended its tax due date by 90 days until July 15, as well and has even gone so far as to extend a number of business filings until June 1, 2020. Finally, the state of California has gone one better – extending both the filing and the payment deadlines for state taxes until July 15, 2020. And again, out in the Pacific Northwest, the tax collection infrastructure for both Washington state as well as its southern neighbor Oregon are tied to the federal tax deadlines, so with the IRS extending the payment deadlines, both of these states will also. We’d expect there’s a host of other states similarly tethered to the federal deadlines.