IRS Extends Payment Deadline for 90 Days

March 17, 2020. Treasury Secretary Steven Mnuchin announced that individual taxpayers can defer tax payments up to $1 million for 90 days. Corporations can defer up to $10 million of tax payments, alos for 90 days.

Mnuchin's statement did not extend the tax filing due date. For individuals the filing date is still April 15, 2020 (or October 15, 2020, via an extension of time to file). If you are due a refund, it is to your advantage to file as soon as possible. But if you will owe, make sure you can pay the balance within the 90 day extension in order to avoid any penalties or interest on top of the tax bill.