Taxpayers will get a three-month reprieve to pay the income taxes they owe for 2019, but you still have to file by April 15th, Treasury Secretary Steven Mnuchin said on Tuesday at a news conference.
As part of its coronavirus response, the federal government will give filers 90 days to pay income taxes due on up to $1 million in tax owed, Mnuchin said in Washington. The reprieve on that amount would cover many pass-through entities and small businesses, he said.
Corporate filers would get the same length of time to pay amounts due on up to $10 million in taxes owed, Mnuchin said.
During that three-month deferral period, taxpayers won’t be subject to interest and penalties, he said.
You should still get your 2019 income tax return in to the federal government as soon as possible, especially if you’re due a refund and need cash.
While the federal government is granting taxpayers a little more time, you should still check in on your state’s position.
Some states have rolled out delays due to coronavirus.
For more on the IRS guidelines and the coronavirus listen to 850 WFTL’s interview with tax expert Lawrence Levy from Levy and Associates.
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