Millions of Americans no longer have to worry about getting their 2019 federal income tax payments together by April 15, Treasury Secretary Steven Mnuchin announced today. While the Trump administration has offered little direct support for workers hit by the coronavirus pandemic, the Feds are pushing the payment deadline back by 90 days for qualifying Americans.
And, yes, in all likelihood you qualify.
Americans who owe Uncle Sam $1 million or less now have until mid-July to pay, according to Mnuchin. The same delay is also being offered to corporations that owe the federal government $10 million or less.
Update: In detailed instructions released on Wednesday, the IRS said, “The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible.” Translation: You still have to file but April 15, but you can take longer to pay.
In the meantime, those taxpayers won’t need to worry about interest or fines from the federal government, but state taxes are currently a different story. Only some states, including California and Maryland, have announced changes to aid taxpayers affected by the COVID-19 crisis.
If you’re not sure whether your state has extended its deadline, look for announcements on your state’s official website. As CNBC reports, the American Institute of Certified Public Accountants is tracking state filing extensions here. Mnuchin encouraged taxpayers to file earlier if they can, as the IRS is actively processing refunds, according to The Wall Street Journal.
This post has been updated with additional context released by the IRS Wednesday clarifying that the tax payment deadline, not the filing deadline, was extended.
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