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.

Former IRS attorneys at Holtz, Slavett & Drabkin continue to represent taxpayers with federal and state tax issues. Please contact us at (310) 550-6200 if you need to schedule a consultation.