Posted on 03/17/2020 5:01:00 PM PDT by SeekAndFind
axpayers will get a three-month reprieve to pay the income taxes they owe for 2019, Treasury Secretary Steven Mnuchin said on Tuesday at a news conference.
As part of its coronavirus response, the federal government will give filers 90 days to pay income taxes due on up to $1 million in tax owed, Mnuchin said in Washington. The reprieve on that amount would cover many pass-through entities and small businesses, he said.
Corporate filers would get the same length of time to pay amounts due on up to $10 million in taxes owed, Mnuchin said.
During that three-month deferral period, taxpayers won’t be subject to interest and penalties, he said.
You should still get your 2019 income tax return to the federal government as soon as possible, especially if you’re due a refund and need cash.
“We encourage those Americans who can file their taxes to continue to file their taxes on April 15,” Mnuchin said. “Because for many Americans, you will get tax refunds.”
Indeed, the IRS processed more than 65 million income tax returns as of March 6. Of these, 52.7 million filers received tax refunds, averaging $3,012, according to the agency.
While the federal government is granting taxpayers a little more time, you should still check in on your state’s position.
Some states have rolled out delays due to coronavirus.
For instance, California is granting a 60-day delay for affected individuals and businesses unable to file on time.
Meanwhile, Maryland is giving additional time for certain business tax returns, and the state will grant an extension to individuals if the federal government moves forward on its delay.
(Excerpt) Read more at nbcnewyork.com ...
the corona virus will be in the rear view mirror and the stock market will be climbing...
Good News
Crap. I just mailed my check in last week.
so many seem to be confused by this
do we still have to file by the 15th?
but then don’t have to pay yet if we owe?
or did they extend the deadline to file
for example my mom has to still do her taxes but her tax guy is closing up shop...
example
headline 1
The tax-filing deadline will remain April 15, but the IRS will waive penalties and interest on tax payments for 90 days
headline 2
U.S. Postpones April 15 Tax Payments for 90 Days for Most Americans
I just paid quarterly sales tax. blech.
You have to file by 4/15. Pay later.
You have to file by 4/15
but my point is in a growing number of areas all businesses are closed..included tax accountants
so why. not just extend the deadline
I don’t make the rules.
File an extension (4868) so you don’t have to file until October 15 but be paid up by July 15.
I e-filed yesterday. I’m not the one here who can’t figure out how to get their taxes done.
And, yes, for those who can’t figure out how to stay out of trouble with the IRS, file an extension.
Never paid Obama care nor the penalty nor any extension in 10 years plus.
I don’t know if this is the thread to mention this, but, a scammer called my elderly Mom today, claiming her SS card # had been compromised. She’s so “confused” these days, I’m sure the scammer could have talked her into revealing all sorts of info. Luckily I was taking care of Mom today and took the call.
FWIW, the caller’s number was 1-877-820-4191. I looked it up online, you all can too - lots of hits as a scammer & maybe a perv, too. I blocked the number on my phone & Mom’s.
Nor have I. I’m not the one here that can’t figure out how to file their taxes.
The announcement raised as many questions as it answered. I’m a CPA, a Senior Tax Manager in the Chicago area and we’ve been waiting for this announcement and listened very carefully.
Does the $1,000,000 include the first quarter estimated tax payment due 4/15? Will they abate late filing penalties if an extension isn’t filed for whatever reason. A 7/15 filing extension would have been appreciated.
We are all working remotely - it’s very inefficient. Plus our clients are all over the place - some with business as usual, some closed their doors, some self-quarantined, and some in nursing homes on lock-down.
I trust in the coming days we will get clarification.
You must owe a LOT for 90 days investments in safe arenas to pay off :)
Unless you’re planning a risky venture with your tax return payment fundss.
So it’s either .01 percent interest for 1/4 of a year or risk the money you owe to the govt in the stock market.
And if you have it to risk in the market, then it’s not really money put aside for payments, as you must have more than enough to pay it off at any moment in time.
That’s what the extensions for lol
Doesn't 0bamacare owe you $2,500 x 10 then?
Is this a 90 day reprieve on filing, or only paying?
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