The Internal Revenue Services has extended the date for all individuals and non-corporate filers to defer up to $1 million of federal income tax payments due on April 15, 2020. Corporations that owe have a similar extension but their deferment can be for up to $10 million of federal income tax payments.
This guidance does not change the April 15 filing deadline.
“Americans should file their tax returns by April 15 because many will receive a refund. Those filing will be able to take advantage of their refunds sooner,” said Treasury Secretary Steven T. Mnuchin. “This deferment allows those who owe a payment to the IRS to defer the payment until July 15 without interest or penalties.”
The IRS says the extension will result in about $300 billion of additional liquidity in the economy in the near term.