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  • Brittany Besler

Treasury and IRS Issue Guidance to Taxpayers during the Coronavirus (COVID-19).

ALERT: 90-DAY REPREIVE GRANTED TO TAXPAYERS


The Treasury Department on Tuesday announced that taxpayers will be able to defer paying their taxes for 90 days past April 15th. This means that payments are not due until July 15th, 2020.


  • NOTE: This DOES NOT change the filing deadline, as of today, the due date to file your tax return is APRIL 15, 2020.

  • Income Tax Payment deadlines are automatically extended until July 15, 2020 without interest or penalties.

  • Individual taxpayers can defer up to $1 million in tax payments.

  • Corporate taxpayers can defer up to $10 million in tax payments.

  • This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.

  • While state agencies will hopefully follow suit, you will need to confirm on a state by state basis if there will be relief from those payments as well. The AICPA has done us all a great service by keeping a chart updated as the states provide relief. This chart can be found here.


Contact me with any questions. I wish you and your families best through these unprecedented times.


Read the IRS press release here, with the full text of the statement here.






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