Treasury and IRS to delay tax payment deadline by 90 days
Taxpayers will get a three-month reprieve to file their 2019 income tax returns, Treasury Secretary Steven Mnuchin said on Tuesday at a press conference.
As part of its coronavirus response, the federal government will also give filers 90 days to pay income taxes due on up to $1 million in tax owed, Mnuchin said in Washington. The reprieve on that amount would cover many pass-through entities and small businesses, he said.
Corporate filers would get the same length of time to pay amounts due on up to $10 million in taxes owed, Mnuchin said.
During that three-month deferral period, taxpayers won’t be subject to interest and penalties, he said.
The tax deadline delay pushes the due date for last year’s returns and taxes from April 15 to July 15.
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