IRS COVID-19 Update
March 20, 2020 | Symphona
This morning, Treasury Sec. Steve Mnuchin said that the IRS is moving the tax filing deadline from April 15 to July 15. We will continue to monitor these updates and relay information. The Treasury Department and the Internal Revenue Service are providing payment relief to taxpayers due to the outbreak of COVID-19. In the meantime, the IRS is encouraging those who are due a refund to file as soon as possible to receive funds.
For Individuals with a due date of April 15, 2020, payment of tax is automatically extended until July 15, 2020, for up to $1 million of tax due on 2019 return. Penalties and interest will not be assessed on the tax due if paid by July 15, 2020. The extension is automatic and there are no forms which will need to be filed to qualify for the relief.
For C Corporations, income tax payment is also extended until July 15, 2020 for up to $10 million of tax due on their 2019 return.
This relief is extended to estimated tax payments due on April 15, 2020 as well.
Interest and penalties will begin to accrue on unpaid balance beginning July 16, 2020.
The automatic extension for payment is for Federal tax only, not states.
Please call one of our offices and we can assist you with any of your questions or concerns.
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