Secretary of the Treasury Mnuchin announced an extension of the April 15 tax payment deadline for most individuals and businesses, giving 90 extra days to pay 2019 income tax bills and quarterly income tax estimates. Taxes due with individual income tax returns can be deferred up to $1 million in income tax payments (including self-employment taxes and regardless of the filing status). Taxes due with regular corporate income tax returns can be deferred up to $10 million in income tax payments ($10 million corporate limit is for each consolidated group or for each C corporation that does not join in filing a consolidated return). These deferred payments will be interest-free and penalty-free for 90 days (due July 15, 2020). The relief is solely for income tax payments and Federal estimated income tax payments originally due on April 15, 2020 ($1 million individual and $10 million corporate limits are aggregate of the income tax and the estimated income tax payments due on April 15, 2020).
No word yet as to which states will follow the Federal payment extension.
At this point, the tax returns must still be filed and/or an extension requested on or before April 15, so keep your tax information coming!
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