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.
