The IRS, extended the filing deadline for 2020 to July 15, as a result of the ongoing COVID-19 coronavirus pandemic. The Trump administration has announced that most individuals and businesses will be allowed to delay paying their federal tax bills for 90 days, and also filing an income tax return is also extended by 90 days. Mnuchin said:
1. Treasury Secretary Steven Mnuchin said that the 90-day reprieve applies for both tax payments and also filing Income tax returns for 2019.
3. Remember that your state’s approach toward income tax returns and tax payments may differ from what the federal government is doing. Check with your state.
"Our team gathered some questions and answers to help you out"
Q. Do I still need to file taxes by April 15?
No, actually 90-day extension is given for both tax payments and also for filing Income tax returns. Visit the IRS website for more details.
Q. Who is eligible for delaying tax payments?
Individuals who owe less than $1 million will be able to delay paying. Corporations will be able to defer payment on taxes due up to $10 million. Mnuchin said only the “super-rich” would be excluded.
Q. Will I be penalized for waiting to pay taxes?
No. During this unprecedented delay, individuals and corporations will not be subject to interest or penalty payments.
Q. What if I am expecting a refund?
If you are expecting a refund, continue to file as usual. As of now, the IRS is still processing returns and sending out refunds.
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