The Treasury Department has announced further tax relief for taxpayers superseding the previous announcement. For federal tax purposes the due date for filing federal income tax returns and making federal income tax payments originally due April 15, 2020, is automatically postponed to July 15, 2020. Taxpayers do not have to file the extension Forms 4868 or 7004. As an enhancement from the previous IRS announcement, the deadline for all federal income tax and estimated tax payments due April 15, 2020 is now deferred to July 15, 2020. During this time period there will be no assessment of interest or penalties including both late payment and late filing. The previous announcement had capped tax payment deferrals at $1 million for individuals and $10 million for C Corporations. With the current pronouncement there is no cap on the amount of the payment that may be deferred until July 15.
Please note that this only applies to federal income taxes and that each state is making its own determination with regards to any possible deferral of time to file/extend and pay any amounts due April 15, 2020. For example, North Carolina has announced a deferral of payment until July 15, 2020 with relief from interest and late payment penalties. However, taxpayers must still file a North Carolina (or federal) extension by April 15, 2020 in order to avoid the failure to file penalty.
Georgia has not yet issued guidance, but historically has conformed to federal guidelines.
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