90 Day Delay in IRS Payment Deadline

90 Day Delay in IRS Tax Payment Deadline

In a press conference today, Treasury Secretary Mnuchin announced a 90 day delay from the April 15 tax payment deadline due to the coronavirus pandemic.

Individuals can defer up to $1 million in payments for 90 days from the April 15 deadline.

Corporations can defer up to $10 million in payments for 90 days. During that time the IRS will not charge interest or penalties.

The Treasury Secretary did not extend the due date for filing. Individuals and Corporations should file their tax returns as soon as possible. Filing tax returns soon can result in receiving tax refunds more quickly. Filing earlier also helps reduce the risks associated with identity theft.