The Treasury Department won’t extend the tax filing deadline for 2019 returns, Treasury Secretary Steven Mnuchin said on CNBC.
While the Treasury is giving taxpayers a 90-day reprieve on paying amounts owed from last year, you are still required to get your 2019 income tax return submitted by April 15, Mnuchin said on a phone call with CNBC’s Jim Cramer Wednesday morning.
Under ordinary circumstances, taxpayers must submit returns and payments for the prior year’s taxes by April 15. Filers can request a six-month extension to turn in their returns, but taxes owed still must be paid by April 15.
As part of its coronavirus response, the federal government will give filers 90 days to pay on up to $1 million in tax owed.
The reprieve on that amount would cover many pass-through entities and small businesses, Mnuchin said in a press conference on Tuesday.
Corporate filers would get the same length of time to pay amounts due on up to $10 million in taxes owed.
Interest and penalties on those amounts will not apply during that delay.
The IRS and Treasury provided further clarity for taxpayers in a notice on Wednesday afternoon, providing relief to “any person with a federal income tax payment due April 15, 2020.” This would include quarterly taxpayers with an April 15 first-quarter tax deadline.
Source: Darla Mercado – CNBC