IRS delays federal tax payments until July 15
March 19, 2020
The Internal Revenue Service has released guidance allowing taxpayers to defer payment of their federal income taxes
due April 15 until July 15, without incurring any interest or penalties.
The guidance comes after President Donald Trump instructed Secretary of the Treasury Steven Mnuchin "to provide relief from tax deadlines to Americans who have been adversely affected by the COVID-19 emergency" as part of his emergency declaration March 13.
Taxpayers must still file their tax returns by April 15 or obtain an extension, but they will not have to pay any taxes owed until July 15.
Corporations may defer up to $10 million, while all other taxpayers may defer up to $1 million.
Interest and penalties will not begin to accrue until July 16.
For more on the COVID-19 pandemic, visit the ADA Coronavirus Resource Center for Dentists