IRS Delays Tax Payment Deadline
The Internal Revenue Service (IRS) and U.S. Treasury have delayed the tax payment deadline for 2019 taxes.
CNBC reports that taxpayers are getting an extension to pay the income taxes owed for 2019. Treasury Secretary Steven Mnuchin announced on Tuesday, March 17, 2020, that there will be a three-month reprieve to pay taxes. This is part of the federal government's response to the coronavirus pandemic.
According to CNBC, taxpayers who owe up to $1 million for income taxes for 2019 have an extra 90 days to pay. The reprieve on that amount will cover most pass-through entities and small businesses. Corporate filers will also get the three-month extension for taxes due up to $10 million in taxes owed. Taxpayers will not be subject to interest and penalties during that time.
It is still advised by CNBC to file your 2019 income tax return to the federal government as soon as you can. This is especially advised if you're due a refund and need cash.
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