According to a tweet by Treasury Secretary Steven Mnuchin, the U.S. tax filing deadline has been pushed back from April 15 to July 15 to allow taxpayers and businesses additional time to file and make payments without interest.
The IRS issued Notice 2020-17 to confirm the relief provisions noted by Treasury Secretary Steven Mnuchin at a press conference on March 17, 2020 that individuals can defer income tax payments up to $1 million of their 2019 tax due. This relief extends the payment due date for all individual returns, trusts, and estates with a federal income tax payment due, including the first estimated tax payment, on April 15, 2020 to July 15, 2020.
The notice also provides payment relief for C-Corporations to defer up to $10 million of income tax payments from April 15, 2020 to July 15, 2020. The relief does not extend to other required federal tax payments due April 15, 2020. Payments due to various states should be addressed as well, since some, but not all states are issuing relief provisions.
Interest and penalty will not apply to payments during the postponement period of April 15, 2020 through July 15, 2020. Interest and penalty will accrue on unpaid amounts beginning on July 16, 2020.
We will continue to monitor this developing situation and provide updates if significant changes are announced. Please contact our office if you have questions or need additional information.