The IRS is not extending the deadline to file your taxes, but you will have more time to make tax payments.
Treasury secretary Steven Mnuchin says tax payments up to one-million dollars for individuals can be deferred for 90 days. Corporations are able to defer up to ten-million in tax payments.
Penalties and interest that would usually apply during those 90 days will be waived. Officials are still encouraging you to file your taxes by April 15th to avoid fines. Your refund will not be affected if you file on time.
If you need to, you can file a request to get a filing extension of up to six months. The decision comes after a request was made for the IRS to extend the 2020 tax season this year due to challenges many are facing during the current COVID-19 outbreak.
