In an unprecedented move the IRS has postponed the tax payment deadline for many filers. Nearly all taxpayers who have not yet filed their federal income tax returns will have until mid-July to make any balance due payments for 2019 without interest and penalties.
You still have to file your return, or file a request for extension, by April 15th (even though you don’t have to pay any balance due until July). UPDATE! Tax Filing Day has moved to July 15th!
About half of individual taxpayers have already filed and the vast majority of all filers get refunds. Roughly 15 million taxpayers could benefit from the Treasury decision to waive interest and penalties. Who will not be able to delay payment is any individual who owes $1 million or more and corporations that owe $10 million or more.
Also getting a delay is the 1st quarter estimated tax payments that would be due April 15th, which is nice.
As usual, please check with your tax preparer/CPA for further clarification and guidance.
As Vice President and Senior Wealth Advisor, Greg provides financial analysis to high net worth individuals. He is the author of several articles for various publications and nonprofit organizations on estate and financial planning subjects.