Relief for Federal Tax Payments Due on April 15, 2020 (IRS Notice 2020-17)
On March 13, President Trump issued an emergency declaration instructing the Treasury to provide relief from tax deadlines for Americans adversely affected by COVID-19. In response, the IRS issued Notice 2020-17, which extended the federal income tax payment deadline for individuals and corporations affected by the COVID-19 emergency by 90 days.
The Secretary of the Treasury has determined, for purposes of Notice 2020-17, that any individuals or corporation with a federal income tax payment due April 15, 2020 is affected by the COVID-19 emergency. These affected taxpayers will have until July 15, 2020 to make payments. Further, the postponed payment is capped at $1 million for individuals, regardless of filing status, and $10 million for corporations.