The federal tax payment due on April 15th for the 2019 tax returns is postponed to July 15th.
- This applies to Federal tax returns, not states at this time. Many states are likely to follow the Federal response.
- This applies to corporations and individuals.
- The filing deadline has not been changed at this point, and an extension will still have to be filed to defer filing to October 15th.
- The payment deferral is limited to $1 million of tax due for individuals and $10 million of tax due for corporations.
Don’t miss any news or our updates on legislative developments - Sign up for our on-line magazine: https://mag.intlms.com/
This article only includes general information and IMS is not, by means of this article, rendering any tax, legal or other professional services. This communication should not be relied upon for any decision or action that may have an impact on your business. Prior to taking any action, you should be in contact with your advisor.