In response to the COVID-19 (Coronavirus) pandemic, the Treasury Department and Internal Revenue Service are extending the federal income tax payment deadline until July 15, 2020. Here are the specifics:
- Individuals and Trusts: Payment of up to $1 million of 2019 tax due will be automatically extended to the new deadline. This includes self-employed individuals and all entities other than C-Corporations.
- Corporations: Payment of up to $10 million of 2019 tax due will be automatically extended to the new deadline.
Please note, that this information only applies to federal income tax payments. We are actively monitoring state tax guidelines and will share more information as it becomes available.
If you have questions, please contact us at email@example.com.
Original post published on 3/17/2020:
Today, the United States Treasury Secretary Steven Mnuchin announced an extension of the April 15 tax deadline for individuals and businesses to ease the financial stress caused by the COVID-19 (Coronavirus) pandemic. Sciarabba Walker is actively monitoring the information coming from the Treasury Department to determine exactly how this will affect each of our clients. We will share a more detailed report as additional information becomes available.