Extension of Federal Income Tax Payment Due Date

The Internal Revenue Service has issued a notice extending the federal income tax payment due date from April 15, 2020 to July 15, 2020.  This extension applies to all taxpayers who owe federal income taxes to the Internal Revenue Service on April 15, 2020, up to specified thresholds.  Individual taxpayers may defer up to $1 million in federal income taxes, and corporate taxpayers may defer up to $10 million in federal income taxes, in each case, without interest or penalties.

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