Federal Tax Deferral

Published: 3/18/2020 11:00:45 AM

Federal Tax Deferral
On March 17, 2020 Treasury Secretary Mnuchin announced that TAX RETURNS ARE STILL DUE APRIL 15. However, payments that are due on April 15th, or due with an extension on April 15th, may be delayed until July 15, 2020 without penalty or interest. If the return is not timely filed, or properly extended the 90-day relief will not apply.

The maximum amount of deferral is $1,000,000 for an individual and $10,000,000 for a corporation.

Refunds are unaffected. Within 90 days of April 15th the amount is due, without penalty or interest, and the IRS says they will not assess penalty or interest. Underpayment penalties for periods before April 15th appear to still apply.