Tax Payment Deadline Delayed by 90 Days
On March 17, 2020, Treasury Secretary Steven Mnuchin announced that taxpayers will get a three-month extension to the income taxes they owe for 2019 on up to $1 million in tax owed. **UPDATE: Estimated tax payments for 2020 due on April 15, have also been deferred to July 15**
Corporate filers will get the same length of time to pay amounts due on up to $10 million in taxes owed.
During that three-month deferral period, taxpayers won’t be subject to interest and penalties.
The filing deadline is still April 15th. If you are not filing your return by April 15, you will need to file an extension. **UPDATE on March 20: the filing deadline now also has been extended to July 15**
UPDATE: The IRS has created a website for FAQ for Filing and Payment relief in response to the ongoing Coronavirus crisis. These questions and answers will be updated periodically and are designed to be a flexible tool to communicate information to taxpayers and tax professionals in this changing environment.
UPDATE on March 23: The State of Alabama has also extended filing and payment deadlines, including estimated tax payments due April 15, to July 15.
We encourage you to still get your 2019 income tax return into the federal government as soon as possible. Our offices are still open, or you can send us your information electronically, and we can deliver your tax return electronically. Please send us a completed tax questionnaire and engagement letter with your tax documentation. Electronic versions are available on our resources page, or you can request them by emailing us at email@example.com.
For more information about setting up a convenient and safe portal, click here.
Some states have also rolled out delays due to the coronavirus. The AICPA is keeping a list states’ tax developments here.
The Walton County Area Chamber of Commerce has helpful information for small businesses available on their website.
As events around the coronavirus unfold, we will try to keep you informed as much as possible.