Federal Income Tax Payment Deadline to be Extended by 90 Days
As part of the government’s response to the COVID-19 virus, the Secretary of the Treasury has announced a 90-day extension for the payment of federal income taxes. Specifically, the IRS will not assess penalties and interest on any individual income tax liability of less than $1 million ($10 million for corporate income tax) for a period of 90 days. However, please note that there is currently no extension of the April 15 deadline for filing tax returns. As a result, taxpayers are currently expected to meet the applicable filing deadlines or to file an extension.
At this point, no technical guidance has been provided by the IRS regarding the payment extension.
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The information contained within this newsletter does not constitute legal advice and is not intended to create an attorney-client relationship. You should consult an attorney for individual advice regarding your own particular situation.