**UPDATED FOLLOWING MARCH 18, 2020 TREASURY NOTICE 2020-17 **
Federal income tax payments due on April 15th for the 2019 income tax returns and 2020 estimated income tax payments can be deferred until July 15th, 2020.
- This applies to Federal income tax returns, not states at this time. Many states are likely to follow the Federal response.
- This applies to corporations and individuals.
- No extension has been provided for the payment or deposit of any other type of Federal tax or for the filing of any tax return or information return.
- The April 15th income tax return filing deadline has not been changed at this point, and an extension must be filed with IRS 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 and consolidated groups.
- This postponement means that no late payment interest or penalties will be applied if the payments are made on or before July 15, 2020.
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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.