There is no good news regarding the coronavirus outbreak. But as close as it gets to good news – if you owe the government money by way of a tax payment on April 15th, you have just been granted a reprieve of sorts.
You must still file by April 15th, but can defer any payment owed for up to 90 days. It’s no silver lining, but it’s as good as it gets these days.
from Business Insider:
The tax-filing deadline will remain April 15, but the IRS will waive penalties and interest on tax payments for 90 days
- Treasury Secretary Steven Mnuchin announced on Tuesday that Americans who owe taxes can defer their payment for 90 days, interest and penalty free, up to $1 million.
- Mnuchin said Americans should still file their taxes by the April 15 tax-filing deadline if they want to get a tax refund.
- Americans who want to defer their tax payments will also need to file a return to qualify.
- This post will be updated as more details about the tax relief guidelines are released.