IRS ANNOUNCES 90 DAY TAX PAYMENT EXTENSION
Updated: Apr 6
Here's what you need to know:
The April 15 filing deadline has not changed, but taxpayers can file an extension as normal (since writing this blog, the filing deadline has been extended)
The payment extension applies to Federal income tax only (including self-employment taxes)
This relief also includes estimated tax payments for 2020 that are due on April 15, 2020
Up to $10 million payment extension for 2019 taxes due is for C-corporations consolidated groups and C-corporations not part of a consolidating group
Up to $1 million payment extension for 2019 taxes due is for all other taxpayers (individuals regardless of filing status and entities that aren’t C-corporations)
Interest and penalties begin accruing on any remaining unpaid balances as of July 16, 2020.
Taxpayers who are owed a refund are encouraged to file as soon as possible.
The filing deadline of April 15th is unchanged unless you extend as normal.(since writing this blog, the filing deadline has been extended)
If your business requires state filings, it is possible that states will follow suit. California has already extended the state deadline to June 15.