https://www.google.com/amp/s/www.cnbc.com/amp/2020/03/17/treasury-and-irs-to-delay-tax-deadline-by-90-days.htmlTreasury and IRS to delay tax season deadline by 90 days
Treasury Secretary Steven Mnuchin said on Tuesday that taxpayers can delay paying their income taxes on as much as $1 million in taxes owed for up to 90 days.
Ordinarily, individual income taxpayers must submit their 2019 tax returns by April 15. This delay would push the due date to July 15.
This relief is for federal returns. Double-check your state's tax deadlines to see if there are any delays
Yeahhhh..time to get those Heneiken kegs instead of paying taxes [or buy more guns as rono suggested]
Comments
Are you sure? The article says that taxpayers can delay payments up to 90 days, but it doesn't seem to say that filing can be delayed. This is something I'd wondered about, but not enough to research until now.
As seems all too common, the info put out by the federal government has been clear as mud. Here's a Business Insider column, updated just a few hours ago. The text reads:However, the apparently updated headline reads: "The tax-filing deadline will remain April 15, but the IRS will waive penalties and interest on tax payments for 90 days"
https://www.businessinsider.com/personal-finance/irs-to-extend-tax-filing-deadline-why-file-taxes-now-2020-3
Of course one can always file for an extension. Normally one would owe the taxes on April 15th even with an extension. That problem is unambiguously eliminated now, at least until July 14 (90 days past April 15th).
But taxpayers might have to proactively file for an extension.
Not a word about estimates due April 15th. For people in the gig economy, that's the bigger check to write.
https://www.irs.gov/pub/irs-drop/n-20-17.pdf
Payments may be delayed until July 15th, not 90 days as Mnuchin stated. Close enough for government work, I suppose.
Taxpayers are also allowed to defer their first quarter estimates until July 15th, though their second quarter estimates are still due a month earlier, on June 15th.
Still, "No extension is provided in this notice for ... the filing of any tax return."
Regardless my confusion is whether I can wait till July 15 to send check or I can wait till July 15 to FILE my taxes. These are two different things.
Yeah, it's 91 days, but I bet they will honor a day early. As for your second query, rtfpdf?
OK - 90 days is long enough to buy a 90-day day CD. So perhaps you could earn 1-2% for 90 days. Let’s say 1.5%.
(This is a Later Correction) At 1.5% APR a 90-CD for $1000 should return you about $3.80 in interest - almost enough to cover the cost of mailing tax payment in by certified mail.
Sorry - I keep having to correct my post. Just occurred to me that the whole idea behind a prime money market fund is that they are supposed to maintain a stable $1 NAV ( or at least a stable NAV). So, no you shouldn’t lose money in one if the NAV is maintained. However, I do believe that the law allows the custodian to charge fees associated with such funds - most commonly an “account maintenance fee.” So, indirectly, you may lose money.
As always, my math is highly suspect . (But I can recite poetry really well)