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The IRS is extending both the tax filing and payment deadlines from April 15 to July 15 as a form of tax relief for the COVID-19 outbreak. The new deadline is automatic, so you won’t have to apply for it or file an extension.
Will my estimated tax payment deadlines be extended?
If you have self-employment income or other forms of income that require you to make quarterly tax payments, the extended payment deadline also applies to your April 15, 2020 quarterly payment. You can defer this 1st quarter payment for up to 90 days interest and penalty free.
We anticipate that the government will strongly consider allowing the 2nd quarter payment, due June 15, 2020, to be deferred as well, but nothing official at this time.
When will penalties and interest start for late tax payments?
Any unpaid balances as of July 16 will start accruing penalties and interest, so be sure to arrange payment before the 90-day deferral period ends.
What about my state taxes?
The payment deadline extension only applies to federal income tax payments (including tax on self-employment income). State filing and payment deadlines vary and are not always the same as the federal filing deadline, but we expect most states will take similar action to extend deadlines.