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IRS Delays April 15th Tax Payment Deadline

By Gerry W. Beyer

IrsMarvin E. Blum of The Blum Firm recently sent out correspondence with the following news:

In a press conference yesterday, Treasury Secretary Steven Mnuchin announced that the IRS will postpone the April 15th tax payment deadline by 90 days for individuals who owe $1 million or less and corporations that owe $10 million or less.

Note that this extension is for the payment of taxes owed—not for filing your return. The April 15th filing deadline remains unchanged as of now. As always, taxpayers have the option of filing a Form 4868 automatic 6-month extension for filing their 2019 Form 1040, but taxes owed must be paid in 90 days to avoid interest and penalty assessments.

There is early speculation that deadlines for estimated quarterly tax payments that self-employed workers and businesses pay the IRS throughout the year will also be extended.

Stay tuned for more updates from The Blum Firm. Our best wishes to all to be safe and healthy.

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Articles, Current Affairs, Current Events, Estate Planning - Generally and Income Tax