The IRS issued guidance allowing individuals to defer tax payments of up to $1,000,000 and corporations of up to $10,000,000 until July 15 without interest and penalties. Do not confuse payment with filing. Unfortunately, the IRS did not delay the tax filing deadline, taxpayers must still file their tax return or extension by April 15.
What do you need to do to delay your 2019 tax payment?
File your tax return or tax extension by April 15 and the 90-day tax payment delay is automatic.
What about 1st quarter 2020 estimated taxes due April 15?
The 90-day tax payment deferral applies to 1st quarter 2020 estimated taxes due April 15, deferring these payments until July 15 without interest and penalties.
Due to unprecedented circumstances arising from the COVID-19 crisis, we are anticipating many of you will need to extend your 2019 tax return. If you don’t have your tax information together, not to worry, the 90-day tax payment delay may significantly reduce the work required to complete your tax extension.
Reese Henry will be working with each of our clients to file on time or extend their tax returns by April 15, and assist in planning for any tax payments that may be due on July 15. Please contact us if you have any questions.