Optional 90 Day Extension on IRS Payments
The Trump Administration announced its new economic stimulus plan today which includes an option for taxpayers to delay their tax payments for 90 days. The plan allows deferrals of up to $1 million for individuals and up to $10 million for corporations on their tax payments for up to 90 days. Taxpayers are still encouraged to file their tax returns timely (by April 15, 2020) and if they do so, will not get charged interest and penalties during this 90 day time frame. The interest and penalties will automatically be waived. The issuance of refunds will not be affected. .
This extension of time to pay taxes should provide some relief during these times, but taxpayers are also concerned about meeting the filing deadline. Taxpayers are still awaiting guidance from the IRS on an extension of time to file their returns too. Under normal circumstances the 2019 individual income tax returns are due by April 15, 2020. There have been discussions but no formal guidance yet from the federal government regarding an extension of time to file income tax returns. While awaiting official guidance on possible filing deadline extensions, individuals can request an automatic extension of time to file using Form 4868. Andreozzi Bluestein LLP has extensive experience representing taxpayers before the IRS. If you or a client are in need of assistance, please call us at any time. We are committed to meeting your needs and working together to get through this global crisis.
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