• James D. Lynch

IRS Postpones Tax Payment Deadline By 90 Days

This year, taxpayers and small businesses that face an April 15 tax deadline will be allowed more time to pay their taxes due, until the new deadline of July 15, 2020, with no penalties or interest charges.

The tax-filing deadline will remain April 15, and it's unclear at this time whether the IRS will officially extend that filing deadline as well. But the IRS will waive penalties and interest on tax payments for 90 days. Taxpayers owing less than $1 million in taxes can delay payment until July 15, as can corporate filers with tax debts under $10 million.

With a change in the federal deadline, state legislatures may follow suit since most taxpayers file their federal and state income tax returns at the same time. Seven states do not impose a state income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. Residents of New Hampshire and Tennessee also may not need to file a state income tax return, as the income tax of those two states is limited to investment income. California had already extended its state tax filing deadline to June 15.

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