Update 3/18/20: Here’s the official IRS guidance on this deferment. The actual date is July 15th, not July 14th.
Many have asked whether this applies to quarterly estimated payments for 2020. The IRS guidance is clear the the deferment applies to that as well (bolding mine):
The relief provided in this section III is available solely with respect to Federal income tax payments (including payments of tax on self-employment income) due on April 15, 2020, in respect of an Affected Taxpayer’s 2019 taxable year, and Federal estimated income tax payments (including payments of tax on self-employment income) due on April 15, 2020, for an Affected Taxpayer’s 2020 taxable year. The Applicable Postponed Payment Amounts described in this section III include, in the aggregate, all 3 payments described in the preceding sentence due on April 15, 2020 for such Affected Taxpayers.
No postponement has been granted for Q2 2020 estimated taxes which are due on June 15, 2020. So, technically, your Q2 estimated taxes are due on June 15th whereas your Q1 2020 estimated taxes are due on July 15th. (CNBC)
Original Post:
During a press conference today (watch here, minute 33), the Treasury Secretary announced the option for each of us to defer tax payments for 90 days with no interest and no penalty. That’s 90 days beyond the April 15th deadline, and is valid for individuals and businesses. You can defer up to $1M in tax payments for an individual, and up to $10M for corporations.
The idea is to leave more money in the economy. So you can file your return by April 15th and wait to pay your bill until July 14th 15th. While not the goal, the new rule also will make it much easier for those who want to do a tax extension; typically, you need to figure out how much you owe and file the extension along with payment, but with this new waiver, you can simply file an extension without having to even calculate what you owe. You’ll have until July 14th 15th to figure it out.
Note: this waiver is valid on federal taxes. For state waivers, consult this list.
