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Home Individual Tax Issues

Coronavirus relief for payment of 2019 tax due & filing tax return

by Prashant Thakur
April 8, 2020
in Individual Tax Issues
0

The Government just announced a three-month extension on this year’s April 15 US tax payment deadline for the 2019 tax year.  In other words, that the tax payment deadline is pushed back by 90 days for both individuals and corporations. As per the announcement, individuals and small business owners will be allowed to defer up to $1 million in tax payments (corporations can defer up to $10 million) for 90 days. Accordingly there will not be interest and penalties for these three months extension of payments.

There is no extension of tax filing deadlines. Therefore, taxpayers should continue to file their US tax returns, or request for an extension of time to file, by their normal due date to qualify for this relief.US taxpayers residing abroad will also get the tax payment deferral relief but their return filing dates have not been changed by this announcement.

It is clarified that the tax filing due dates are also extended to 15th July 2020. Read the Filing and Payment Deadlines Questions and Answers

1st Estimated tax payment also extended

The relief also extends the first estimated tax payments for tax year 2020 that are due on April 15, 2020. So , no penalty for estimated tax .

Effect on refunds

The announcement does not affect the date of getting refunds. That depends on how soon you file the tax return. So, file your tax return as soon as possible to get the refund issued to you at the earliest.

What about state tax return?

The announcement is for federal tax only . California has announced relief on tax filing and payments due to coronavirus. For instance, California has pushed its tax filing and payment deadline to June 15 .

Post Disclaimer

While the information on this site  - Internal Revenue Code Simplified-is about legal issues, it is not legal advice or legal representation. Because of the rapidly changing nature of the law and our reliance upon outside sources, we make no warranty or guarantee of the accuracy or reliability of information contained herein.

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  • Tax Rates 2023
    • Pension Plans Limits 2023
    • Estate & Trust
    • 2022 Tax Brackets
      • USA State and Local Taxes
      • EIC Table 2023, 2022
    • Tax Bracket 2021
    • Tax Brackets 2020
    • Tax Bracket 2019
      • Long Term Capital Gains Rate- 2019,2018,2017
      • 2019 & 2018 Standard Deduction
      • Kiddie Tax Brackets
    • Depreciation MACRS Table
  • Tax Information
    • Latest Phone number of IRS
    • Local Taxpayer Advocate Service Office
    • Search CAA & AA
  • Tax Calculator 2022 & 2023
    • Fastest Sales Tax Reverse Calculator
    •  EITC Calculator 2022 & 2023
    • SEP-IRA Calculator
    • Penalty Calculator
    • IRA Contribution Limit Calculator
    • Mileage Reimbursement Calculator
    • Net Investment Calculator
    • Alternative Minimum Tax Calculator for 2017 & 2018
    • Estimated Tax Penalty
    • Section 179 Deduction
    • tax residency
      • Physical Presence Test Calculator
      • US Tax Residency Calculator
      • First Year Choice Calculator
    • Capital Gains Calculator
    • Home Office Deduction Calculator
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