By Stephanie Goldstein, Esq., Littman Krooks LLP
The U.S. Treasury announced that the deadline for both filing federal income tax returns and payment of federal income taxes has moved from April 15, 2020 to July 15, 2020. This is an update on the administration’s previous announcement in which taxpayers have until July 15, 2020 to make federal income tax payments though the deadline to file federal tax income returns remained April 15, 2020.
Individual and small business filers may defer payments of up to $1 million of federal income tax payments and corporations may defer up to $10 million of federal income tax payments until July 15, 2020 without incurring either interest or penalties.
If owed a refund, it may be prudent to file federal income tax returns by April 15, 2020 to ensure receipt of the refund as soon as possible.
New York State has also extended the filing of tax returns until July 15, 2020. Contact us for more information.