June 28 2020

COVID-19 Pandemic: Factsheet Issued on Payment of Deferred Federal Income Tax

Source: IBFD Tax Research Platform News

The US Internal Revenue Service (IRS) has issued a factsheet (FS-2020-08) providing information on the scheduling and electronic payment of federal taxes due by 15 July. A variety of federal tax filing and payment deadlines falling on or after 1 April 2020, and before 15 July 2020, have been postponed until 15 July 2020 in response to the ongoing Coronavirus (COVID-19) emergency.

The factsheet notes that this automatic filing and payment relief applies to all taxpayers and that they do not need to file any additional forms or call the IRS to qualify for the relief. The factsheet provides information on how to schedule or reschedule and electronically pay taxes due, including estimated tax payments, as well as procedures for taxpayers who cannot pay the full amount or who want more time to file. The IRS had previously published answers to frequently asked questions (FAQ) related to the relief.