Treasury pushes tax payment deadline back 90 days

Treasury pushes tax payment deadline back 90 days

Posted on 03/19/2020

Transcript

Americans are getting an extra three months to pay additional taxes they may owe to the IRS.

On Tuesday the change was announced as part of measures designed to cushion the economic impact of the coronavirus.

Taxpayers who owe money to the IRS usually have to send it by April 15th.

But now, individual taxpayers and small businesses can defer payments of up to one-million dollars and corporations can defer up to ten-million, without incurring interest or penalties.

In the announcement, Treasury Secretary Steven Mnuchin said Americans should still file their taxes by April 15th.

Requesting a six-month extension is still an option.

The new deadline applies only to federal taxes.

It's up to states to set their own deadlines.

Some states are making changes, including California where individuals will have until June 15 to both file and pay their state taxes.

Posted - 3.18.20