In efforts to ease the financial strain and economic uncertainty caused by the Coronavirus (COVID-19), the IRS has delayed the April 15th (2020) tax deadline for both filings and payments by 90 days.
Taxpayers are free to file as planned if they desire. However, the emergency extension is automatically available to individuals owing $1 million or less in taxes and corporations that owing $10 million or less.
The IRS hasn’t yet released details about estimated tax payments for the first quarter of 2020 (which are scheduled due on April 15).
By all appearances, the extension will not impact tax refunds.
At this time, it is unclear how or if this extension impacts the June 15th tax deadline set for Americans living abroad.
Please check back soon for further details. This post will be updated to reflect the most up to date information.
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UPDATE #1
If you request a six month extension for filing your taxes, it will be granted from April 15 and not July 15. Therefore, the extended tax filing deadline is still October 15.
UPDATE #2
The IRS has temporarily suspended some of its tax enforcement actions and will stop all levies and notices.
However, taxpayers will still be notified when a levy has been released and that they no longer need to turn over property or money to pay backed taxes.