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Walk Accounting, Inc.
The Villages, Florida

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irs extends payment of tax to 7/15/20 but filing deadline remains 4/15/20!

Mar 18

IRS NOTICE 2020-17; "PAYMENT RELIEF ON ACCOUNT OF CORONAVIRUS DISEASE 2019 (COVID-19) EMERGENCY. THE TREASURY DEPARTMENT AND IRS ARE EXTENDING THE DUE DATE FOR FEDERAL INCOME TAX PAYMENTS DUE APRIL 15, 2020, TO JULY 15, 2020, FOR PAYMENTS DUE OF UP TO $10 MILLION FOR CORPORATIONS AND UP TO $1 MILLION FOR INDIVIDUALS - REGARDLESS OF FILING STATUS – AND OTHER UNINCORPORATED ENTITIES. ASSOCIATED INTEREST, ADDITIONS TO TAX, AND PENALTIES FOR LATE PAYMENT WILL ALSO BE SUSPENDED UNTIL JULY 15, 2020."

What does this mean as an individual? If you owe under $1 million in tax, you have until July 15, 2020, to pay your federal income tax without being assessed a penalty and interest for not paying by April 15, 2020. The 1st quarter estimate due on April 15, 2020 has also been extended.

Tax returns still must be filed by April 15, 2020, unless an extension is filed.