Federal Tax Payments Delayed 90 Days
March 18, 2020 - The Trump administration announced that under an economic stimulus plan individuals and businesses are now allowed to defer income tax payments owed on April 15, 2020 by 90 days. The extension, announced on March 17, 2020, states that the deferral is limited to $1 million for individuals and $10 million for corporations. The plan extends the due date of income tax payments due on April 15, 2020. This includes any balance due with the income tax return and the first quarter estimated payment.
It is important to note that this is an income tax payment deferral and not a filing deferral. Tax returns or extensions due on April 15, 2020 will still need to be filed by the due date.
This change applies to federal income tax returns only at this point in time. State income tax return and payments are still due April 15, 2020.
We will keep you informed of any future updates.
The information reflected in this article was current at the time of publication. This article will not be modified or updated for any subsequent tax law changes, if any.