On March 17, the U.S. Treasury Department announced that it is pushing back the April 15 deadline to pay taxes owed, giving individuals and many businesses another 90 days to pay their 2019 income-tax bills. The IRS, using authority under President Trump’s national-emergency declaration, will waive interest and penalties as well. The extended payment date is available to people who owe $1 million or less and corporations that owe $10 million or less.
Please note that this is an extension of time to pay and not an extension of time to file tax returns. Clients are advised to timely file or request an extension to file their income tax returns. No additional application or election is required for the extension of time to pay. The Secretary of the Treasury announced it will be applied automatically upon the timely filing of a tax return or extension for time to file. Taxpayers with state or local tax payment obligations should consult with advisors with respect to those individual state or local obligations as the obligation to pay those taxes may not be deferred.
If you have any questions, please contact Gunster’s Tax Law practice.
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This publication is for general information only. It is not legal advice, and legal counsel should be contacted before any action is taken that might be influenced by this publication.
Gunster, Florida’s law firm for business, provides full-service legal counsel to leading organizations and individuals from its 12 offices statewide. Established in 1925, the firm has expanded, diversified and evolved, but always with a singular focus: Florida and its clients’ stake in it. A magnet for business-savvy attorneys who embrace collaboration for the greatest advantage of clients, Gunster’s growth has not been at the expense of personalized service but because of it. The firm serves clients from its offices in Boca Raton, Fort Lauderdale, Jacksonville, Miami, Orlando, Palm Beach, Stuart, Tallahassee, Tampa, The Florida Keys, Vero Beach, and its headquarters in West Palm Beach. With nearly 200 attorneys and 200 committed support staff, Gunster is ranked among the National Law Journal’s list of the 500 largest law firms and has been recognized as one of the Top 100 Diverse Law Firms by Law360. More information about its practice areas, offices and insider’s view newsletters is available at www.gunster.com.