IRS Payment Deadlines Extended
The Internal Revenue Service has delayed the April 15 tax payment deadline until July 15 for most individuals and businesses to relieve some of the adverse economic impacts of the novel coronavirus pandemic, the agency said Wednesday.
People and pass-through businesses with tax liabilities of less than $1 million and corporations with tax bills of up to $10 million have three additional months to file their taxes, the Internal Revenue Service said in a notice. President Donald Trump’s declaration of a national emergency earlier this month gave the U.S. Department of the Treasury authority to delay the payment deadline under Internal Revenue Code Section 7508A , according to the notice.
The extension doesn’t apply to tax filing deadlines, the IRS said. Treasury Secretary Steven Mnuchin had announced the relief Tuesday as part of the federal government’s plans to grapple with the economic fallout from COVID-19, the disease caused by the virus.
If you or your business have a tax concern, contact the former IRS attorneys at Wilson Tax Law Group at 949-397-2292.