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COVID-19 — U.S. pushes back tax payment deadline

COVID-19 — U.S. pushes back tax payment deadline

The U.S. will extend the deadline for eligible federal income tax payments until July 15, 2020

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​The U.S. Internal Revenue Service issued guidance on this deferral on March 18, 2020, in which it notes that the amount which may be deferred is limited to USD1 million for individuals and USD10 million for corporations. During the deferral period, no interest or penalty will accrue on the amount deferred. Despite this change, taxpayers that have income tax returns due with an original due date of April 15, 2020 are still required to file the returns or request for an extension to file by April 15, 2020.

Download this edition of the TaxNewsFlash to learn more.

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