Treasury Department Issues Guidance on Taxpayer Relief Due to Coronavirus
The U.S. Treasury Department is providing payment relief to families and businesses in response to the Coronavirus. All eligible taxpayers qualify for a deferral of their tax payment until July 15, 2020 with no penalties or interest. This relief includes estimated quarterly tax payments due April 15. For individual taxpayers who are unable to file by the April 15 deadline, they remain eligible to request a six-month extension to file their return. This relief is targeted to provide taxpayers affected by the COVID-19 emergency with up to $300 billion in liquidity for the next couple of months. Any individual who owes less than $1 million or corporation that owes less than $10 million qualifies for such relief, which will be automatically provided to taxpayers. No additional forms are required to be filed.
For taxpayers that expect to receive a refund, the IRS encourages filing as soon as possible. The sooner those taxpayers file, the sooner they can receive their refunds.