March 23rd, 2020
Treasury Secretary Steven Mnuchin announced on Friday that tax returns normally due on April 15 will not be due until July 15 this year. The IRS and Treasury formalized his announcement in IR-2020-58, released March 21, 2020.
The federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. This is a change from a prior IRS announcement regarding the payment delay.
This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020. Taxpayers should keep in mind that underpayment penalties would still apply where insufficient 2019 withholdings or estimated payments were made throughout the tax year.
This announcement only applies to federal income tax, (including tax on self-employment income) payments otherwise due April 15, 2020, not state tax payments or deposits or other federal tax liabilities. However, the New York State Tax Department has now also formally extended the deadline to file personal income tax tax returns.