March 21, 2020 Update from Sara Qureshi:
Today, the IRS announced the removal of cap limit:
Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.”
March 20, 2020
Some good news for taxpayers. This morning, Steven Mnuchin, U.S. Secretary of the Treasury announced via Twitter that taxpayers and businesses will have this additional time to file and make payments without interest or penalties. Tax Day will now be extended from April 15 to July 15. Taxpayers should still ensure timely filing of their returns or extensions by the new due date.
Also in light of the national-emergency declaration, the IRS has exercised its authority to extend the April 15th tax deadline for payment of taxes by individual taxpayers of up to $1M for 90 days, waiving penalties and interest during that would otherwise accrue during period. For corporations, a similar extension will apply for payment of taxes of up to $10M.