Federal tax payment deadline extended to July 15


This morning, U.S. treasury secretary Steven Mnuchin announced that taxpayers will have an additional three months to file their taxes amid the coronavirus pandemic.

"We are moving Tax Day from April 15 to July 15," Mnuchin stated in a tweet. "All taxpayers and businesses will have this additional time to file and make payments without interest or penalties."
However, according to the IRS website, filing for taxes is still April 15, with the payment deadline extended to July 15. 
"Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief.

Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. If you file your tax return or request an extension of time to file by April 15, 2020, you will automatically avoid interest and penalties on the taxes paid by July 15."

This relief only applies to federal income tax (including tax on self-employment income) payments otherwise due April 15, 2020, not state tax payments or deposits or payments of any other type of federal tax. Taxpayers also will need to file income tax returns in 42 states plus the District of Columbia. State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details.

The White House had announced previously they were deferring tax payments for 90 days, but that Americans would still need to file by April 15. Now, the deadline will be extended into the summer.

Earlier in the week, Mnuchin said that individual and small business filers would be able to defer payments of up to $1 million and corporations can defer up to $10 million without incurring interest or penalties.
This relief only applies to federal income tax (including tax on self-employment income) payments otherwise due April 15, 2020, not state tax payments or deposits or payments of any other type of federal tax. Taxpayers also will need to file income tax returns in 42 states plus the District of Columbia. State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details.
Taxpayers can still request a six-month extension to file returns, like they could in any other year.
    The new deadlines announced by the administration apply to federal tax income payments only. It's up to states to set their own deadlines.
    More information is available at https://www.taxadmin.org/state-tax-agencies.

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