The April 15 tax payment deadline for 2019 taxes has been pushed back by 90 days, Treasury Secretary Steven Mnuchin announced at a press conference today.
Individuals may extend the due date to pay up to $1 million of tax liability and corporations may extend the due date to pay up to $10 million of tax liability.
The Treasury Secretary announced that all that taxpayers need to do is to file their taxes, and no interest or penalties will apply automatically for these tax payment amounts for the 90-day extension. Although it was not clear in the press conference whether the filing deadline also was extended, the Treasury Secretary noted that taxpayers may file a normal application for an automatic extension of time to file their returns.
The delay for tax payments is intended to reduce cash-flow issues for businesses and individuals during the coronavirus interruptions.