Last week there was word that tax payments would be delayed for taxpayers and late fees and penalties forgiven. Now we have a date and clarification that tax filings are automatically postponed. The decision came from Treasury and the IRS on account of Coronavirus Disease 2019 (COVID-19) emergency.
The Treasury Department and IRS are providing relief to all taxpayers who have Federal income tax returns and Federal income tax payments due on April 15, 2020. The April 15, 2020 deadline is postponed to July 15, 2020. Associated interest, additions to tax, and penalties for late filing or late payment will be suspended until July 15, 2020.
Affected Taxpayers do not have to file Forms 4868 or 7004. There is no limitation on the amount of the payment that may be postponed.