The U.S. Treasury and Internal Revenue Service have delayed the tax season deadline by 90 days, pushing the date individual taxpayers must submit their 2019 tax returns from April 15 to July 15 without penalties or interest.
This relief is for federal tax returns. State tax deadlines are a whole other matter. Double-check yours to see if there are any deadline changes, CNBC reported.
As part of its coronavirus response, the federal government is also giving filers 90 days to pay income taxes due on up to $1 million in taxes owed, Treasury Secretary Steven Mnuchin said on Tuesday at a press conference. The reprieve on that amount would cover many pass-through entities and small businesses, he said.
During the three-month deferral period, taxpayers won’t be subject to interest and penalties, Mnuchin said.
If you are owed a refund and need cash, you should still get your 2019 income tax return in to the federal government as soon as possible, Mnuchin said.
The IRS processed more than 65 million income tax returns by March 6 including 52.7 million filers who received tax refunds averaging $3,012, according to the IRS.
“We encourage those Americans who can file their taxes to continue to file their taxes on April 15,” Mnuchin said. “Because for many Americans, you will get tax refunds.”
Some states are allowing delays due to coronavirus. California and Maryland are among a minority of states that had already adjusted tax requirements in response to the outbreak. California is granting a 60-day delay for individuals and businesses unable to file on time. Maryland is giving more time for some business tax returns.
