Under instruction from the President and Secretary of the Treasury, the Internal Revenue Service has granted a 90-day extension for the filing of personal tax returns and payment of tax that is due on April15th of 2020. That means personal tax returns or extensions do not have to be filed until July 15th and taxes due on individual or business tax returns do not have to be paid until July 15th. The IRS is also waiving all potential penalties or interest on those payments. The payment extension covers personal tax amounts due of up to $1-million, and corporate tax amounts of up to $10-million.
The payment extension also covers estimated tax payments that are due on April 15, 2020.
The IRS has not yet indicated whether a personal tax extension will extend until October 15th or January 15th, 2021.
Also, the IRS has closed all personal tax assistance centers in the United States until further notice.
Details of taxpayer relief under the Presidential declaration of emergency are available on the IRS web site: https://www.irs.gov/coronavirus.