Due to the COVID-19 pandemic, individuals and businesses will have an additional 90 days to pay the IRS if they owe additional income tax for 2019, according to Treasury Secretary Steven Mnuchin on Tuesday, March 17, 2020.
Based on the latest updates, individuals can defer up to $1 million of tax liability and corporations get an extension on up to $10 million.
“All you have to do is file your taxes,” Mnuchin said. “You’ll automatically not get charged interest and penalties.”
The state of California Franchise Tax Board has also extended its deadline for filing taxes. The tax filing deadlines for Partnerships & LLCs taxed as partnerships, due March 15, 2020, and Individuals, due April 15, 2020, have been extended to June 15, 2020. Quarterly estimated tax payments due on April 15 will now be due on June 15, 2020.
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