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March 19, 2020 News

CLIENT ALERT - Extension of Federal Income Tax Payment Due Date

March 19, 2020 – The Internal Revenue Service has issued a notice extending the federal income tax payment due date from April 15, 2020 to July 15, 2020.  Thisextension applies to all taxpayers who owe federal income taxes to the Internal Revenue Service on April 15, 2020, up to specified thresholds.  Generally, corporate taxpayers and consolidated groups may defer up to $10 million in federal income taxes, and all other taxpayers (regardless of filing status) may defer up to $1 million in federal income taxes, in each case, without interest or penalties.

PDF of Client Alert:  Extension of Federal Income Tax Payment Due Date