Due to the coronavirus pandemic, the Internal Revenue Service (IRS) through Notice 2020-17 has postponed the payment date for federal income tax payments to be made by individual taxpayers from April 15, 2020, to July 15, 2020.
The aggregate amount of tax that may be postposed is $1 million regardless of filing status.
The relief includes the payment of tax on self-employment income, as well as federal estimated income tax payments due April 15.
The relief provided by the IRS applies only to the payment of tax and no extension is provided for the filing of any tax return.
Due to the postponement of federal income tax, the period from April 15 through July 15 will be disregarded in the calculation of interest, penalties and additions to tax with respect to any postponed federal income tax payments.
Interest, penalties and additions to tax will begin to accrue July 16, 2020, with respect to any postponed federal income tax payments.
If you have any questions, please contact Douglas Turner Coats.
Douglas Turner Coats
410-576-4002 • email@example.com
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