Treasury and IRS to delay tax season deadline by 90 days

[dalton99a]

https://www.cnbc.com/2020/03/17/treasury-and-irs-to-delay-tax-deadline-by-90-days.html

Treasury and IRS to delay tax season deadline by 90 days
Published Tue, Mar 17 2020 12:37 PM EDT

Taxpayers will get a three-month reprieve to file their 2019 income tax returns, Treasury Secretary Steven Mnuchin said on Tuesday at a press conference.

As part of its coronavirus response, the federal government will also 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.

During that three-month deferral period, taxpayers won’t be subject to interest and penalties, Mnuchin said.

The tax deadline delay pushes the due date for last year’s returns and taxes from April 15 to July 15.

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.

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For state tax returns, see:
https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf

[LiberalFighter]

1. They just want to keep our money longer.

[LiberalFighter]

2. Unless all states do the same make sure to file by April 15 for your state return.

[superpatriotman]

3. This is not a bad thing

It helps. At least it helps.

[spanone]

4. The Devil is in the details.

[jberryhill]

5. To reprise a common theme at DU - What about people who already filed?

I already filed and paid, so why are other people getting a free loan?

(some of you will recognize this argument. others will hear a big whooshing sound)

[mahatmakanejeeves]

6. I owe, so I'm hearing the whooshing sound.

I've already started working on mine, so I know pretty much I'll have to send in.