The Internal Revenue Service has released temporary regulations extending the due date of 2019 Federal income tax payments (for tax liabilities under $1,000,000) to July 15, 2020 that are normally due April 15, 2020.
The 2019 individual tax filing deadline remains at April 15, 2020. This temporary regulation only extends the payment of Federal income taxes for individuals and businesses for a period of 90 days. This deferment includes 2020 estimated tax payments also normally due April 15, 2020.
As a result of the Federal income tax postponement, the IRS will not assess any additional interest or penalties for payments made after April 15, 2020 through July 15, 2020 that were originally due and payable April 15, 2020.
The Internal Revenue Service remains open during this unprecedented time. Tax returns will be processed, as will refunds and payments. There has been no word yet on whether or not the IRS will suspend all enforcement actions. They have closed all walk-in centers and face-to face appointments have been rescheduled.
Some individual states have already passed their own tax season changes. Most have been waiting for this Federal release. Updates to specific state changes will be posted on our website.
This is great news for people that owe on April 15!
We will keep you updated as information becomes available.
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