Treasury and IRS to delay tax payment deadline by 90 days.
Taxpayers will get a three-month reprieve to pay the income taxes they owe for 2019, Treasury Secretary Steven Mnuchin said on Tuesday at a news conference.
As part of its coronavirus response, the federal government will give filers 90 days to pay income taxes due on up to $1 million in tax owed, Mnuchin said in Washington. The reprieve on that amount would cover many pass-through entities and small businesses, he said.
Corporate filers would get the same length of time to pay amounts due on up to $10 million in taxes owed, Mnuchin said. During that three-month deferral period, taxpayers won’t be subject to interest and penalties, he said.
Although the payment deadline has been changed, the filing deadline remains the same: April 15th 2020. You should still get your 2019 income tax return in to the federal government as soon as possible, especially if you’re due a refund and need cash.
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