The 2020 tax season is underway, but millions of Americans have yet to start preparing their tax returns. In response to the COVID-19 pandemic, Treasury Secretary Steven Mnuchin extended the Federal deadline for income tax payments and estimated federal income tax payments from April 15th to July 15th. The Treasury just issued guidance clarifying that while tax payments of up to $1 million for individuals and $10 million for corporations are extended until July 15th, the due date for filing of the tax return itself is also extended from April 15 to July 15th. During this time, filers will not incur interest on unpaid taxes or be subject to tax filing penalties. According to Wealth Management, “this reprieve amount would also likely apply to small businesses and pass-through entities. Corporate filers, on the other hand, would get the same length of time to pay amounts due on up to $10 million in taxes owed.” For further details, check out https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020. Visit with your accountant today!