Agribusiness

Title

2019 Income Tax Filing Extension Payment Deferment

Publication Date

Spring 4-2-2020

Publication Number

LGP 1043

Summary

The normal tax filing deadline for most tax filers that have a calendar tax year is April 15th unless they were to file for an extension. The United States Department of Treasury and the Internal Revenue Service (IRS) made two announcements about tax filing and payment deferment that had created a bit of confusion regarding tax filing and tax payment deadlines/deferment.

A final clarifying release was made on March 21, 2020 by the Treasury Department and the IRS. Due to the President’s issuance of an emergency declaration because of the Novel Coronavirus-19 pandemic, tax filing, and tax payments that may be owed by some taxpayers that meet specific criteria will automatically have their filing and payments deferred without penalty or interest until July 15, 2020. Any taxes still owed after this deadline will begin to accrue interest and possible penalties beginning on July 16, 2020, (IR-2020-58, March 21, 2020 and Notice 2020-20).1,2

Publication Type

Brief

Target Audiences

Tax Payers, Farmers, Individuals, Tax Professionals, CPAs

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