The Treasury Department announced today relief for the tax payment deadline for individuals and businesses affected by Coronavirus. The main points of the announcement include:
- Taxpayers can defer payment of the individual and business tax returns by 90 days, to July 15, 2020.
- No late payment for interest will be imposed if the taxes are paid on July 15th.
- Deferral of the payment, without penalties and interest, is provided for individual taxpayers with tax liabilities of $1 million or less, and corporate taxpayers with $10 million or less.
- The filing deadline remains April 15, 2020.
- Taxpayers who expect refunds are encouraged to file their tax returns by the deadline to get their refunds as quickly as possible.
- Taxpayers who want to extend their filing deadline to October 15, 2020, apparently still need to file for an automatic extension.