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IRS Releases Guidance on Tax Deadline Postponement

 March 26, 2020

The Treasury Department announced the postponement of the tax deadline last Friday in response to growing calls to delay the April 15 date. Earlier in the month, the Treasury had only postponed the tax payment date until July 15, but now the administration announced that tax filing would also be delayed until July 15

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The relief applies broadly to taxpayers in general.

The FAQ page (https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers), also answers about the form numbers (1040 and 1120 – Corporations, and others).

The page also provides information about relief for businesses with quarterly filing deadlines and estimated tax payments for individuals, as well as information about relief on payroll and excise taxes.

One also has another 90 days for contributions to individual retirement accounts, health savings accounts, Archer medical savings accounts, as well as other issues related to the postponement.

To avoid interest and penalties, pay your taxes in full by July 15, 2020. If you filed Form 1040 the tax payment amount can be found on line 23

Interest and penalties will begin to be charged after July 15 for any amount remaining unpaid by that date.

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