Government Postpones Tax Payment Deadlines by 90 Days
The U.S. government and Trump administration announced they have postponed the April 15 tax payment deadline for millions of individuals, giving taxpayers another 90 days to pay their 2019 income-tax bills as part of a new economic stimulus plan.
The delay will allow those individuals who owe tax payments up to $1 million to be deferred for 90 days. Furthermore, corporations that owe $10 million or less are also able to defer up to $10 million in tax payments for 90 days. The $1 million limit for individuals was established to cover small businesses and pass-through entities.
Refunds will be processed as normal and not affected by this delay.
It is important to note the Internal Revenue Service (IRS) is not extending the filing deadline. Individuals and corporations will still be required to file their return or extension by the tax deadline on April 15, 2020.
Doeren Mayhew’s tax advisors are committed to filing your returns timely. We strongly encourage our clients to continue to provide critical tax documentation to ensure our team members can complete them as planned. If you have any questions regarding your tax return, please contact your tax advisor directly.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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