Announcement

**TAXNJ** · 03-18-2020, 04:29 PM

Treasury announcement:

Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak

https://home.treasury.gov/news/press-releases/sm948

Washington – Following President Donald J. Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and Internal Revenue Service (IRS) today issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest.� The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest.� This guidance does not change the April 15 filing deadline. “Americans should file their tax returns by April 15 because many will receive a refund.� Those filing will be able to take advantage of their refunds sooner,” said Treasury Secretary Steven T. Mnuchin.� “This deferment allows those who owe a payment to the IRS to defer the payment until July 15 without interest or penalties.� Treasury and IRS are ensuring that hardworking Americans and businesses have additional liquidity for the next several months.” � � Today’s guidance will result in about $300 billion of additional liquidity in the economy in the near term.� Treasury and IRS will issue additional guidance as needed and continue working with Congress, on a bipartisan basis, on legislation to provide further relief to the American people. View the notice. Information and resources regarding COVID-19. IRS efforts to assist taxpayers. ####

**Rapid Robert** · 03-18-2020, 06:15 PM

Originally posted by FEDUKE404

I'm curious to see what happens for folks who have already efiled, and had set a payment debit date for a 2019 balance due and/or 2020 payment debit dates.

Are they locked out now??
FE

Per Form 9325,
You may call 1-888-353-4537 to inquire about the status of your electronic funds withdrawal payment. If there is a change to the bank account information included on your return, you should call this number to cancel a scheduled payment. You should have available the social security number of the first person listed on the tax return, the payment amount, and the bank account number. Cancellation requests must be received no later than 11:59 p.m. E.T. two business days prior to the scheduled payment date.

If one is not going to have the money in the account to pay, I guess that counts as a "change to bank account information".

**LCP** · 03-18-2020, 09:29 PM

I'm a little confused as to whether the amount shown due by 4/15 on a properly filed extension falls under this guidance and can then be deferred and paid in by 7/15 (with a copy of that extension I suppose).

**kathyc2** · 03-19-2020, 07:45 AM

Originally posted by FEDUKE404

( Sure wish Congress could show some mercy on 2020 RMDs. . . . )

FE

When markets are down, it makes more sense to take more out of IRA's and put it in NQ account. That way QD and LTCG will be taxed at CG rates rather than regular rates when (if) funds recover.

Also, when markets are down, depending on individual circumstances, it may make sense to convert from Traditional to Roth.

**Lion** · 03-19-2020, 10:02 AM

LCP, I've been wondering that, also. We heard about balance due and 1Q ES payments, specifically. But, extension payments and 2Q ES payments were not mentioned.

**TAXNJ** · 03-19-2020, 10:24 AM

Originally posted by Lion View Post

LCP, I've been wondering that, also. We heard about balance due and 1Q ES payments, specifically. But, extension payments and 2Q ES payments were not mentioned.

There’s a telephone # of the author of the Notice 2020-17 that you might consider calling about your question for a correct answer.

Announcement

IRS extends April 15th tax payment dates

IRS extends April 15th tax payment dates

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