At a press conference on Tuesday, Treasury Secretary Steven Mnuchin announced that IRS will be pushing back the 1040 payment deadline by 90 days due to the impact of COVID19. Individual taxpayers will be able to defer payment on their 1040 return until July 15th with no penalty.
As this plan was just announced on Tuesday, we are still waiting for official terms and guidance from the IRS.
We do know that this extension does not affect the April 15th deadline to file. If you cannot file by April 15th, you should still request an extension to file.
Additionally, this extension does not change any state deadline. Some states have recently announced their own individual initiatives to push back payment deadlines.
For the more news updates from the IRS, you can visit https://www.irs.gov/newsroom.
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This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Clergy Financial Resources and the author do not assume responsibility for any individual’s reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique. If you are seeking legal advice, you are encouraged to consult an attorney.
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