Treasury Issued Guidance on the 90 Day Tax Payment Extension
For an Affected Taxpayer (any taxpayer with a Federal income tax payment due April 15, 2020), the due date for making Federal income tax payments is postponed from April 15, 2020 to July 15, 2020, in an aggregate amount, up to the Applicable Postponed Payment Amount (APPA).
The APPA is up to $10,000,000 for corporate taxpayers and up to $1,000,000 for individual taxpayers, regardless if the filing status is a single individual or for married individuals filing a joint return. In both instances the Applicable Postponed Payment Amount is up to $1,000,000. The APPA originally due on April 15, 2020, includes 2019 Federal income tax payments, payments of tax on self-employment income, and Federal estimated income tax payments.
The calculation of any applicable interest, penalty, or additions to tax will be disregarded for the postponement period, but will begin to accrue on any remaining amount outstanding as of July 16, 2020.
Click this link to read the IRS Notice: https://www.irs.gov/pub/irs-drop/n-20-17.pdf
We will continue to monitor and keep you updated as additional information and guidance is released by the IRS/Treasury. If you have any questions or concerns about filing your tax return or extension, please contact us at 517.323.7500.