Treasury Extends Deadline to Pay Income Taxes Due to COVID-19 Concerns
By Amy E. Ebeling
March 17, 2020
The government has not extended the deadline for federal tax return filing, but Treasury Secretary Steven Mnuchin, speaking at a coronavirus news conference earlier today, said the government is extending the due date by 90 days for federal income tax payments for individuals and businesses.
Individuals can defer up to $1 million in federal income tax payments and businesses can defer up to $10 million in payments for 90 days.
Taxpayers must still file on or before April 15.
Government officials are hopeful that the 90-day extension on payments will help individuals and businesses with cash-flow issues survive during this time of economic and social disruption.
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