It was announced on Tuesday, March 17, 2020 by Treasury Secretary Steven Mnuchin that taxpayers will have an additional 90 days to pay their income tax liability as a result to the conronavirus response. However, Secretary Mnuchin did stress they are urging all Americans to continue to file their tax returns timely especially if they are receiving a tax refund.
See a full article here: https://www.cnbc.com/2020/03/17/treasury-and-irs-to-delay-tax-deadline-by-90-days.html
Every state has their own rules when it comes to how they are handling their tax payments. The AICPA has provided a chart of all the states and what guidance currently exists. This will continue to change. https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf
Update:
Notice 2020-17 has just been released clarifying the tax payments that will be extended. The IRS has described that relief is available solely with respect to Federal income tax payments (including payments on tax on self-employment income) due on April 15, 2020, in respect of an Affected Taxpayer’s 2019 taxable year, and Federal estimated income tax payments (including payments on self-employment income) due on April 15, 2020 for an Affected taxpayer’s 2020 taxable year.
No extension is provided in the notice for the payment or deposit of any other type of Federal tax, or for the filing of any tax return or information return.
https://www.irs.gov/pub/irs-drop/n-20-17.pdf
We will continue to communicate with our clients when new developments arise.
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