On March 17, the Treasury announced a 90-day tax payment extension for many individuals and corporations. Previously, the tax payment was due April 15, 2020.
Now, tax payments up to $1 million for individuals and up to $10 million for corporations can be deferred for 90 days. The $1 million individual limit is intended to cover taxes paid at individual level on pass-through entity income.
Treasury Secretary Steven Mnuchin said the deferral is available whether a taxpayer files by April 15 or extends their return, and that the issuance of refunds will not be affected by the extension.
It is unknown whether this 90-day deferral applies only to amounts due on 2019 income tax returns, or whether it can also apply to 2020 estimates and even payroll or other taxes.
The IRS issues clarifications on March 17. Learn more in our article.