Extension of the IRS’s Individual Income Tax Deadline Expected

We just received the an update from the American Institute of Certified Public Accountants (AICPA).
Based upon their conversations with the Department of Treasury, they anticipate that Treasury and the IRS will announce an extension of the April 15th deadline by as much as 90 days sometime this week. They also anticipate a waiver of penalties and interest for most taxpayers.
Additionally, Treasury and the IRS are aware of the major deadline for businesses tomorrow, March 16th, and the challenges facing taxpayers and tax preparers in meeting that deadline. They have indicated that they would be generous in determining reasonable cause abatement of any penalties for taxpayers and tax preparers unable to file in a timely manner.
The states are expected to follow suit. However, there has not been any official communication of their intentions.