At a press conference on Tuesday, Treasury Secretary Steven Mnuchin announced that IRS will be pushing back the 1040 payment deadline by 90 days due to the impact of COVID19. Individual taxpayers will be able to defer payment on their 1040 return until July 15th with no penalty.
As this plan was just announced on Tuesday, we are still waiting for official terms and guidance from the IRS.
We do know that this extension does not affect the April 15th deadline to file. If you cannot file by April 15th, you should still request an extension to file.
Additionally, this extension does not change any state deadline. Some states have recently announced their own individual initiatives to push back payment deadlines.
For the more news updates from the IRS, you can visit https://www.irs.gov/newsroom.
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