Treasury Secretary, Steven Mnuchin, announced yesterday that the IRS is extending the payment due date by 90 days for all individual taxpayers and businesses who owe additional federal income tax for 2019 to the IRS. This new payment deadline of July 15, 2020. Individual taxpayers and small businesses can defer up to $1 million regardless of filing status – and other unincorporated entities, while corporations can defer up to $10 million. Associated interest, additions to tax, and penalties for late payment will also be suspended until July 15, 2020.
It’s important to note that the tax filing deadline of April 15 has not changed (UPDATE: 3/20/2020, the US Treasury has now moved the filing date from April 15, 2020 to July 15, 2020 as well), and that this extension only applies to federal income tax payments. Each individual state sets their own tax deadlines.
Individual taxpayers and businesses are still encouraged to file their tax returns before July 15, 2020, especially if the taxpayer is expecting a tax refund.
Extensions are still available for taxpayers and will give taxpayers an additional six months beyond the filing deadline.
Peoples Tax has a secure Virtual Tax ProSM Service on our website and a Drop-Off Tax Service at all three of our central Virginia locations. We are here serving all clients and encourage everyone to try our virtual tax service or drop-off tax service. If you choose one of these two options, we will continue to communicate with you by email and phone. Peoples Tax is here for you and we are committed to providing you with top-quality service, backed by our Triple Guarantee. If you have questions, please call us at (804) 204-1040, email us, or visit our website for more information.