On March 18, 2020, the Internal Revenue Service issued Notice 2020-17 in response to the COVID-19 crisis. Here’s what you need to know:

• For certain taxpayers IRS has extended the April 15, 2020 tax payment deadline to July 15, 2020
• Applies only to income tax payments (including self-employment taxes on such income) that are due April 15, 2020; tax returns due on April 15 still must be filed on or before April 15 unless otherwise extended under the current rules
• Individual taxpayers can postpone up to $1 million in federal income tax payments, while corporate taxpayers can postpone up to $10 million in federal income tax payments
• If payment is not made on or before July 15, 2020, the unpaid amounts will be subject to interest and trigger penalties
• Payments that are due that are in excess of the thresholds should still be paid by April 15
• Whether state tax payments are still due on April 15 depend on the particular state, but many states are expected to follow the federal rule.