Update: COVID-19’s Impact on April 15th Tax Deadline
We are constantly monitoring the federal government’s response to the coronavirus with respect to April 15th tax filings and payments. Here is what we currently know:
- For individuals, payments up to $1 million can be deferred until July 15th. Interest and penalties will not accrue on these deferred payments between April 15th and July 15th.
- The $1 million deferral limit applies to all income and self-employment taxes due April 15th, including 2019 balances due and Q1 2020 estimated tax payments.
- Any excess tax due over the $1 million should be paid by April 15th if possible, as those amounts will continue to accrue interest and penalties.
- The $1 million limit applies to both single filers and couples filing jointly.
- For corporations, payments up to $10 million can be deferred until July 15th. As with individuals, interest and penalties will not accrue on these deferred payments between April 15th and July 15th.
- To date, there has been no extension of the due date for filing tax returns. This means we will need to continue to file returns and extensions by April 15th.
- At this point, there is no extension of the second quarter estimated tax payments, so those will still be due June 15th.
We hope you find this information helpful and we will continue to communicate updates as we receive them. Please visit our News & Resources page for more information.