Today the Treasury released final
written
guidance on the available tax relief for April 15, 2020.
The due date for making Federal income tax payments due April 15, 2020 is postponed to July 15, 2020. The amount which can be postponed without penalty and interest is $1 million for an individual (whether married or single), trust or estate income tax return, and $10 million for a C-Corporation.
The relief applies to amounts due for 2019 as well as first quarter 2020 estimated tax payments. It appears that the $1 million/$10 million limit would apply to the combined tax due for 2019 as well as estimated taxes due on April 15.
No extension is granted for any other tax payments due.
Tax returns will still need to be extended by April 15.
We expect state and local guidance to follow. Specifically, the AL Department of Revenue stated on Tuesday 3/17/20 that they would plan to mirror Federal filing extensions as appropriate and enter corresponding tax relief orders.
We will continue to keep you updated on Federal and State developments as things progress. In the interim, please know that we are here to help in any way possible.
