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COVID-19 News
Analysis of the latest updates about the coronavirus pandemic.

The Internal Revenue Service (“IRS”) to Allow Automatic Delay in Filing Federal Taxes

On March 17th, 2020, Secretary Mnuchin announced the IRS will allow a ninety (90) day extension of the April 15, 2020 tax payment deadline. Now, taxes and payments therein, will not be due till July 14, 2020. Unlike the California State Franchise Tax Board, this deferral is automatic. Even so, the deferment only applies to the first $1 million of income for individuals, and first $10 million to corporations. Any fund owed above that amount with be charged interest until paid. More details will emerge.

This is breaking news, but for more detail see: https://www.usatoday.com/story/money/2020/03/17/taxes-2020-irs-delay-april-15-tax-payment-deadline-90-days/5071239002/ and https://www.cnbc.com/2020/03/17/treasury-and-irs-to-delay-tax-deadline-by-90-days.html.