In a move to provide relief for a range of problems cause by the COVID-19 pandemic, Taxpayers will get a three-month extension to pay the income taxes they owe for 2019, Treasury Secretary Steven Mnuchin said at a news conference on March 17.
What do taxpayers need to know?
- Filers have 90 days beyond the normal April 15 deadline to pay income taxes owed, up to $1 million. During that time, interest and penalties will not apply.
- All returns or extensions must be filed by the due date to qualify for the delayed payment.
- Corporate filers would get the same length of time to pay tax amounts due up to $10 million.
- If you’re due a refund and need cash, it is still recommended to file as soon as you can.
- Some states are also revising deadlines. Here is a recent article with some information about state deadlines:
Where can I find official resources?
Here are some links to government pages where the latest updates will be posted:
The news in our nation is rapidly evolving given the unprecedented events surrounding COVID-19. The information in this story is subject to change.
Calibre CPA Group’s experienced tax professionals can provide comprehensive accounting and advisory services. Contact us at info@calibrecpa.com
