The IRS has provided an extension of time to both pay and now file for individuals and some businesses. The relief (as originally provided under Notice 2020-17 and modified since) allows individuals and many businesses 90 extra days (to July 15, 2020) to file and pay federal taxes that they owe.
Individuals can defer up to $1 million of tax liability, and corporations get an extension to pay on up to $10 million of tax liability. The notice (as modified) only applies to federal income tax payments and returns due April 15, 2020 for the 2019 tax year and federal estimated income tax payments due April 15, 2020 for the 2020 tax year. Any interest, penalties and additions to tax on the postponed amount only will not accrue for a failure to file from April 15, 2020 until July 15, 2020.
Related Resources
Bloomberg: https://www.bloomberg.com/news/articles/2020-03-20/tax-filings-payment-due-date-extended-to-july-15-mnuchin-says
Washington Post: https://www.washingtonpost.com/us-policy/2020/03/17/trump-coronavirus-stimulus-package/
