Treasury Secretary Steve Mnuchin announced on Tuesday that the federal government will allow taxpayers to defer income tax payments for up to 90 days in order to help mitigate the economic chaos caused by the coronavirus fallout.
Taxpayers filing for the 2019 tax season can also defer those filings for the same three-month time period. The ordinary deadline has been pushed from April 15 to July 15.
Corporations will also be granted a three-month reprieve. No taxpayer or corporate entity will suffer penalties or interest rates during that time, Mnuchin said.
The deferment does not apply to state taxes, only federal.