The tax payment deadline has been postponed 90 days in an effort to provide relief by the U.S. government amid the COVID-19 outbreak. Treasury Secretary Steven Mnuchin made the announcement March 17 and also said interest and penalties would be waived. The filing deadline remains April 15.
Individuals who owe $1 million or less and corporations that owe $10 million or less are eligible for the extended payment deadline. Regular six-month filing extensions can still be requested.
The postponement also applies to federal estimated income tax payments, including self-employment income tax, due on April 15, 2020, for the 2020 taxable year.
The states are still considering their own responses in the wake of this news.
Read more about the postponement measure here: https://www.accountingtoday.com/articles/treasury-delays-april-15-tax-payment-deadline-by-90-days-for-millions
Honkamp Krueger will continue to provide updates and clarification from the IRS as it becomes available.
[This article was updated at 3:20 CDT, March 18, 2020, to provide clarification on estimated tax payments and the filing deadline.]