The Treasury Department and Internal Revenue Service have released additional guidance regarding the extension of payment of income taxes due April 15th, 2020. The due date for the payment of Federal income taxes otherwise due April 15th, 2020, will automatically be extended to July 15th, 2020. The extension applies to individuals, regardless of filing status up to $1,000,000 and C corporations up to $10,000,000.
The payment extension is only applicable to Federal income tax payments due April 15th, 2020, including tax on self-employment income as well as estimated tax payments for the 2020 tax year that are typically due April 15th, 2020. The extension is not available for any other type of Federal tax payment.
The 90-day extension relates only to the payment of Federal income taxes. The April 15th, 2020 return filing deadline is still in place. Therefore, a completed return or extension must still be filed with the IRS by the April 15th filing deadline.
Several states have announced they will also provide the same 90-day extension, but not all have addressed the at this time. As of this writing Missouri and Kansas have not released guidance. We will continue to monitor each state and advise our clients accordingly on a case by case basis.
Contact us if you have any questions about the extended payment deadline.