Tax return

UPDATE: The federal government has extended the deadline for both tax filing and payments to July 15. Previously, tax payments had been extended to July 15 but the filing date remained April 15. Now both have been extended.

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The federal government is giving Americans extra time to pay their income taxes in the midst of the coronavirus pandemic.

The IRS announced March 18 that is deferring federal income tax payments of up $1 million for individuals and non-corporate tax filers from April 15 to July 15 without penalties or interest. Corporate taxpayers get a similar reprieve of up to $10 million.

The deadline for filing federal income taxes, however, remains April 15.

“Americans should file their tax returns by April 15 because many will receive a refund. Those filing will be able to take advantage of their refunds sooner,” said U.S. Treasury Secretary Steven Mnuchin in a media release. “This deferment allows those who owe a payment to the IRS to defer the payment until July 15 without interest or penalties. Treasury and IRS are ensuring that hardworking Americans and businesses have additional liquidity for the next several months.”

editor@thepicayune.com

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