No Automatic Extension for Returns Due on April 15, But Tax Payments Due on That Date Can Be Deferred 90 Days
Following the announcement of planned relief related to April 15 tax filings by the Treasury Secretary over a week ago, the IRS has now formally released the details of such relief in Notice 2020-17.[1]
In the daily session discussing COVID-19 developments given each day by the Vice-President’s task force on March 17, 2020, Treasury Secretary Mnuchin announced that the government was going to allow taxpayers to defer the payment of taxes due on April 15 by 90-days, with a $1 million cap for individuals and a $10 million cap on such deferred payments by corporations. The Secretary did not address whether there would be any automatic extensions also granted for filing income tax returns due on that day, even though the tax potentially would not be required to be paid on that date.
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