The U.S. Treasury Department and IRS issued guidance on March 18th, 2020 on deferring federal tax payments due to the Covid-19 pandemic. 

The guidance allows for the following as it relates to Federal tax payments due on April 15th, 2020: 

  • Individual and non-corporate filers who owe up to $1,000,000 (including self-employment tax) may delay payment to July, 15th 2020 without penalties or interest.  
     
  • Corporate filers and consolidated groups who owe up to $10,000,000 may delay payments to July 15th, 2020 without penalties or interest.  

An extension is also provided for Federal estimated tax payments, due on April 15th, 2020 for the taxpayer's 2020 taxable year. 

The extension does not apply to the filing of the return, which is still due on the filer's due date. 

 

The press release from the U.S. Department of Treasury can be found here.