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. 

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