COVID-19 RELIEF – IRS ALLOWS 90 DAY INCOME TAX DEFERRAL OF UP $1 MILLION FOR INDIVIDUALS OR $10 MILLION FOR CORPORATIONS
In response to the COVID-19 outbreak, the Treasury Department and the Internal Revenue Service issued Notice 2020-17 today to provide temporary income tax payment relief to individuals and businesses.
Individuals: Individuals may defer up to a total of $1 million of income tax payments due April 15, 2020 for 90 days (July 15, 2020), interest and penalty-free. This includes both 2019 tax due and 2020 estimated tax payments. This $1 million deferral is the same for a single individual and for married individuals filing jointly.
Corporations: Similarly, C Corporations may defer up to a total of $10 million of income tax payments for 90 days (July 15th, 2020), interest and penalty free. This includes both 2019 tax due and 2020 estimated payments.
While the IRS extended the time for payment, they did not extend the time for filing. All individuals and corporations must file a return or an extension by April 15th, 2020. Please send your personal information to us no later than Friday March 27th.
Click here to read the full Treasury and IRS Guidance.