IRS Notice: Delay in Paying Taxes Implemented Due to Coronavirus

tax payment deadline extended

The IRS announced today that the due date for paying taxes is pushed back to July 15 for individuals and businesses due to the coronavirus emergency. The return filing deadline remains April 15, 2020. Corporations and consolidated groups can postpone up to $10 million in tax payments while all other taxpayers can postpone up to $1 million, the IRS stated.

The relief is available solely with respect to federal income tax payments (including payments of tax on self-employment income) due on April 15, 2020, in respect of a taxpayer's 2019 taxable year. Also, federal estimated income tax payments (including payments of tax on self-employment income) due on April 15, 2020, for a taxpayer’s 2020 taxable year are likewise postponed. Associated interest, additions to tax, and penalties for late payment will also be suspended until July 15, 2020.

The IRS notice can be found here.

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John A. Cocklereece, Jr.

John Cocklereece concentrates his practice on property tax appeals, business law, tax controversies, and estate planning and administration.
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