March 19 2020

COVID-19 pandemic: emergency tax measures – US Treasury Department and IRS issue guidance on deferring tax payments due

Source: IBFD Tax Research Platform News

The US Treasury Department and the US Internal Revenue Service (IRS) issued Notice 2020-17 on 18 March 2020 to permit US taxpayers to defer the payments of US federal income tax (including self-employment tax) due on 15 April 2020 until 15 July 2020 without penalties or interest.

Notice 2020-17 allows all individual and other non-corporate taxpayers to defer up to USD 1 million of US federal income tax payments.

Corporate taxpayers are allowed a similar deferment of up to USD 10 million of US federal income tax payments.

Notice 2020-17, however, does not change the filing deadline of 15 April 2020.

The US Treasury Department also issued a related Press Release dated 18 March 2020.