The United States Internal Revenue Service has NOT yet extended the April 15, 2020, filing deadline.
Treasury Secretary Steven Mnuchin made an announcement this week that will provide relief for individuals and corporations by allowing taxpayers to delay their tax payments for 90 days due to the coronavirus pandemic.
Mr. Mnuchin’s announcement did not extend the filing deadline of the returns due April 15, rather only provided relief for the tax payments.
Individuals will be able to defer up to $1 million in payments and corporations can defer up to $10 million in payments for up to 90 days from the original filing deadline of April 15, 2020. There will be no penalties or interest charged during the 90-day period.
Askey, Askey & Associates CPA, LLC reports this relief applies to 2019 federal income tax balances due and to the April 15, 2020, estimated tax payments for 2020.
“We continue to await official guidance from the IRS regarding these announcements and any updates. We will update you as soon as we have the specifics,” said Cathy Askey, managing partner of Askey, Askey & Associates, CPA, LLC.
Askey, Askey & Associates, CPA, LLC, have two full-service offices located in Leonardtown at 23507 Hollywood Road, P.O. Box 662, Leonardtown, MD 20650, phone: 301-475-5671; and in La Plata at 105 Centennial Street, Suite D, La Plata, MD 20646, phone: 301-934-5780.