IRS Defers Payment Date for 2019 Tax Returns by 90 Days

Mar 18, 2020

In a press conference yesterday, Treasury Secretary, Steven Mnuchin, announced that the IRS is giving individuals and businesses an additional 90 days to pay taxes on their 2019 tax returns without being subject to interest and penalties. The payment deadline is extended from April 15th to July 15th. Individuals can defer taxes up to $1 million while corporations can defer up to $10 million.

At this time, it appears that the April 15th filing deadline has not been extended; only the payment of taxes has been extended. This means that in order to defer your taxes, a tax return must be filed or extended by April 15th. An extended return gives a taxpayer an additional six months until October 15th to file a return but does not extend the time to pay beyond July 15th.