Treasury Department and IRS announce Tax Payment Relief

IT’S OFFICIAL!

The Treasury Department and IRS are providing the following special tax payment relief:

Q. What is the tax payment relief?
A. Federal income tax payments due April 15, 2020, will be postponed until July 15, 2020.

Q. Is there a dollar limit applied to this relief?
A. Yes, the tax relief is for federal income taxes up to $1,000,000 for individual taxpayers and $10,000,000 for C Corporations.

Q. Who does this relief apply to?
A. All taxpayers with a federal income tax due April 15, 2020.

Q. What taxes does this apply to?
A. This relief is for federal income tax for 2019 and estimated tax payments for 2020 due April 15, 2020.

Q. Does this also apply to my state and local income taxes?
A. We do not yet know if states are going to be following suit but will keep you updated on any new information!

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