**UPDATED FOLLOWING MARCH 18, 2020 TREASURY NOTICE 2020-17 **
Federal income tax payments due on April 15th for the 2019 income tax returns and 2020 estimated income tax payments can be deferred until July 15th, 2020.
- This applies to Federal income tax returns, not states at this time. Many states are likely to follow the Federal response.
- This applies to corporations and individuals.
- No extension has been provided for the payment or deposit of any other type of Federal tax or for the filing of any tax return or information return.
- The April 15th income tax return filing deadline has not been changed at this point, and an extension must be filed with IRS to defer filing to October 15th.
- The payment deferral is limited to $1 million of tax due for individuals and $10 million of tax due for corporations and consolidated groups.
- This postponement means that no late payment interest or penalties will be applied if the payments are made on or before July 15, 2020.
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